Treasury yields decline following weaker than expected US employment numbers

US treasury yields saw a decline on Friday following the release of April’s jobs report, which revealed weaker than anticipated payrolls and an unexpected rise in the unemployment rate. This came just two days after the Federal Reserve confirmed that interest rates would remain unchanged, in line with market expectations. Following the Fed’s announcement, Fed Chief Jerome Powell acknowledged that a weakening labor market could cause the central bank to act, or lower rates, given its dual mandate of stable prices and maximum employment.

Friday’s lower-than-expected payroll numbers, combined with the Fed Chairman’s comments on Wednesday, sent the U.S. 10-year note yield from a 2024 high of 4.73% on April 25th to 4.49% on Friday morning. Significant volatility is expected in the coming months as the market continues to digest new economic data to assess and anticipate the Federal Reserve’s next move.

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