Chris Low in The Bond Buyer

After the nonfarm payrolls report showed jobs were lost, but the unemployment rate fell, Treasury yields fell four to eight basis points, with the biggest drop in three- to five-year yields and long bond yields down the least, FHN Financial Chief Economist Chris Low said.

It also caused a decline in the odds of a September rate hike, he said.

"From the Fed's point of view, the hawks will likely point to the falling unemployment rate as a threat, but the average hourly earnings chart is the one they should be looking at," according to Low. "Nominal average hourly earnings growth has slowed substantially in the past year. Real average earnings are down more, of course, because inflation has popped. Real earnings growth is weak enough to make it difficult to raise prices without losing sales."

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