Non-Farm Payrolls Report Surprises to the Downside, U.S. Treasury Yields Drop in Response
BlockBeats News, March 6th. Despite the recent surge in oil prices, which could exacerbate inflation, the disappointing non-farm payroll report boosted market expectations of a Fed rate cut this year, causing a rally in U.S. Treasury prices. These developments pushed the yield on the 10-year U.S. Treasury down by 3 basis points to 4.1%, while the more Fed policy-sensitive 2-year U.S. Treasury yield fell by 5 basis points to 3.53%.
Interest rate swaps indicate that traders are betting on a total rate cut of 44 basis points by the Fed before December, up from 35 basis points before the report release. (FXStreet)
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