The most relevant takeaway from this month’s pre-NFP client survey is that investors have a strong bias for lower rates in the near-term and are eager to buy a dip. 50% of respondents expect the next 15 bp in 10-year yields will be lower compared to the 42% average, matching last month’s 50% as the highest since July 2024. As an aside, this is the first time since summer 2008 that at least half of respondents indicated ‘lower’ in back-to-back months. Conversely, just 36% expect rates to move 15 bp higher compared to the 41% norm (six-month low). This left a below-average 14% in the “Don’t Know” camp versus the 17% norm. In the event of a post-payrolls selloff, an elevated 58% would buy the dip versus the 48% average. This is an 8-month high, and it ties the third highest since the pandemic. On the other hand, a fairly standard 8% would sell post-payrolls weakness compared to the 9% norm. Just 34% would “Do Nothing” on a post-NFP downtrade compared to the 43% average, matching the lowest print since last summer. In the event of a post-payrolls rally, only 14% would chase the move compared to the 18% average. Moreover, a below-average 23% would fade the rally compared to the 27% norm. This left an elevated 63% in the “Do Nothing” camp compared to the 55% norm – the highest in 5 months.