After the release of weaker-than-expected U.S. employment numbers on Friday morning, U.S. Treasury yields fell to their lowest levels since December 2023. The yield on the U.S. 10-year note dropped to 3.94%, falling below the critical 4% level for the first time since February 2024. U.S. Non-Farm Payrolls reported the creation of 114K new jobs, significantly lower than the market expectation of 185K. Additionally, the U.S. employment rate increased to 4.3%, exceeding earlier forecasts.

Equity markets responded with continued declines throughout the day. The S&P 500 was down 2.5% by mid-day Friday, following a drop of over 2% on Thursday. The weaker-than-expected employment figures have led bond traders to anticipate three rate cuts from the Federal Reserve in 2024, with one cut expected at each of the remaining FOMC meetings this year.
“As uncertainty about the future of the economy and interest rates continues, we can expect volatility to remain high in the coming months.” Jim Mahn, Global Head of Product.

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