US Bond Yields Fall as Jobs Data Fuels Bets on Two 2024 Fed Cuts
- Payroll growth slows and jobless rate ticks up to 4.1%
- Treasury yields decline after data, with two-year down to 4.6%
Traders are once again betting that Federal Reserve officials will lower interest rates twice this year as a mixed report on the US labor market drags US Treasury yields lower.
US bond yields slid on Friday, with those on two- to five-year notes down as much as 10 basis points to session lows. The two-year yield fell as low as 4.60%, the lowest since April 1 and well below a 2024 peak of 5.04%. While the US government’s June employment report showed job creation was above forecast, prior months were revised lower and the unemployment rate rose.