qui i sussurrìi dicono ben oltre i 220k
US Treasuries make modest gains on inflation news
By Wayne Cole
NEW YORK, March 3 (Reuters) - U.S. Treasury debt prices inched higher on Thursday after favorable revisions to productivity and labor costs helped temper fears about inflation, at least over the long-run.
The benchmark 10-year note <US10YT=RR> firmed 5/32 in price, lowering its yield to 4.36 percent from 4.38 percent on Wednesday, though that remains close to December's peaks at 4.42 percent.
Productivity was revised up sharply to 2.1 percent for the last quarter, while unit labor costs were cut to 1.3 percent from the original 2.3 percent. With more output per hour and lower costs, analysts were a little more confident that strong demand could be met without creating runaway inflation.
"Productivity is a little higher than expected. This makes the market less fearful about inflation and the Fed raising rates faster," said Gemma Wright, director of market strategy at Barclays Capital. "That's good news for the market."
The 30-year bond <US30YT=RR> rose 3/32, nudging yields down to 4.73 percent from 4.74 percent. The five-year note yield <US5YT=RR> dipped to 3.98 percent from 4.00 percent.
Two-year yields <US2YT=RR> eased to 3.55 from 3.57 percent. The latter have climbed almost 40 basis points in the past month as the market priced in the risk of more aggressive rate hikes from the Federal Reserve.
The latest Fed speak did little to clarify the rate outlook.
Speaking late Wednesday, Fed Governor Edward Gramlich sounded a hawkish note by commenting that, while inflation was stable, the United States was getting close to "most definitions" of full employment.
In contrast, Fed Bank of San Francisco Fed President Janet Yellen said the economy was well balanced and there was a bit more slack than might be surmised by the current jobless rate of 5.2 percent.
The unemployment rate has fallen in large part because of a sharp drop in the participation rate, but economists disagree on whether this is merely a temporary phenomenon or a structural change.
If it is temporary, then a lot more people can be expected to look for work as the labor market improves. If it is structural, then the labor market really is tightening and increasing the risks of an acceleration in wages.
This debate is what makes the payrolls report so important for financial markets and the Fed. Expectations are high that February will finally see a meaningful rise of around 220,000 jobs, and market whispers are for an even higher number.
Data on initial jobless claims out on Thursday did nothing to disabuse the optimists. Claims dipped to 310,000 last week from 311,000 the week before, exactly as expected, while the four-week moving average dropped to its lowest level since late 2000.
Later on Thursday, the Institute for Supply Management releases its survey of the services sector for February and again analysts will be looking for any hint of improvement in employment.
Median forecasts are that the main activity index firmed slightly to 60.0 last month from 59.2 in January. Analysts are hoping for more of a bounce in the employment index after a 2.8 point pullback to 52.2 in January.
il 10y si è affacciato di qualche tick sopra la fascia di congestione degli ultimi tre gg , il T-bond non ancora e deve superare r1 a 112,2813 
