Got overnight price protection?  Good...  Use it.

ADP Employment just came in at an eye-watering 298k vs a 190k forecast.

When we talked yesterday about a few remaining traders who may not have been fully-convinced about next week's rate hike and about ADP/NFP data being capable of cementing those expectations, these are the sort of numbers we were worried about.

This ADP result is more than enough to fuel speculation for big beat in Friday's NFP numbers.  Bond markets are reacting as such with 10yr yields up another 2bps (total of nearly 5bps on the day) to 2.57% (above the important 2.55% technical level).

Fannie 3.5s are down 11/32nds at 101-14.