Anika Begay
U.S. Treasury yields fell on Friday as investors continued to assess the state of the U.S. economy after jobs data boosted sentiment.
The 10-year Treasury yield was about 6 basis points lower at 3.94% as of 4 p.m. ET. However, it was holding near last week’s level before a weak U.S. jobs report helped spark a round of global market volatility.
The 2-year note yield rose less than 1 basis point on the day to 4.051%.
Yields and prices move in opposite directions, and one basis point equals one hundredth (0.01%) of a percentage point.
Initial claims for unemployment benefits were 233,000 in the past week, the Labor Department reported Thursday, lower than expected.
This helped drive the S&P 500 Index The index hit its best day since 2022, also supporting markets in Asia-Pacific and Europe on Friday.
Meanwhile, traders have scaled back bets on a 50-basis-point rate cut by the Federal Reserve in September, now estimating the odds of a 50-basis-point cut or a 25-basis-point rate cut as roughly even, according to CME’s FedWatch tool.
Up-to-date economic data will be scarce until Tuesday, when the July producer price index is due.
