United States Treasury yields dropped again on Friday as another jobs report seemingly provided evidence that the nation's labor market is cooling off and that it could lead to a further weakening of inflation.
Specifically, nonfarm employment grew at a slower-than-expected rate, with the unemployment rate reaching a nearly two-year high. In addition, the increase in average hourly earnings was the lowest since mid-2021.
The return on the 10-year Treasury note was down 11.7 basis points to 4.552% at 9:00 am ET. The yield on the two-year note decreased 9.7 basis points to 4.878% at the same time. The return on the 30-year bond dropped 9.6 basis points to 4.725% at 9:00 am ET.
