From Torsten Sløk, Ph.D.:
How can the US economy create 257,000 jobs when the dollar is strong and oil prices are low and HY energy spreads are widening? Because the elephant in the room is the service sector, which benefits from lower oil prices. Bottom line: Don’t interpret 10y rates in the US at 2.2% as a sign that the US economy is unhealthy, see also the chart below and my note on Monday.
Source: Torsten Sløk, Ph.D., Deutsche Bank Research