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Interest rates were down last week after the release of several solid economic data. The benchmark 10-year Treasury bond rate increased from 3.06% to over 3.2%.
On Friday, the US government said the unemployment rate in the United States fell last month to a level not seen in nearly 50 years. Overall job creation disappointed last month, but the decline was offset by strong upward revisions in the number of jobs created in August and July.
US Treasury bills did not trade on Monday, however, as the bond market remained closed on Columbus day.
Investors have also worried about declining stocks overseas. The People's Bank of China (PBOC) announced on Sunday measures to reduce the amount of liquidity that banks must keep as reserves, the ratio of reserve requirements to be reduced by 100 basis points from next week. The news comes as the country continues to fight the United States over a trade war between the two armies. This is the fourth time the PBOC has reduced its reserve requirement ratio (RRR) in 2018.
The Shanghai Composite fell 3.7% overnight, while the Korean Kospi index fell 0.6%. In Europe, the Stoxx 600 index fell 0.8%.
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