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Quiet Week Ends With Lower Long End

A very quiet week ended with yields slightly lower, as longer-dated issues declined slightly.  Trading was driven by the burgeoning trade war between the U.S. and its largest trading partner.  Just after midnight on Friday, a 25% levy on $34 billion of Chineses goods went into effect, with farming plows and airplane parts among the products targeted.  China responded with duties on U.S. soybeans and automobiles.  At this point, there does not appear to be any inclination from either side to back down. 

The U.S. economic indicator calendar was focused on Friday's payroll report, which showed that the labor market continues to fire on all cylinders.  213,000 jobs were added in June, a level which well exceeded expecations.  The unemployment rate unexpectedly ticked up, however, this increase was due to an increase in the labor force.  The strong labor market continues to draw people off the sidelines despite the lack of substantial wage gains yet.

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