Short-Term Treasuries Post Biggest Weekly Rally Since May After Weak Jobs Data
AI Market Summary
A sharply weaker US July jobs report triggered a strong Treasury rally as traders cut the implied probability of a September Fed hike to ~40% from ~60%. Front-end yields led the move, with 2-year yields posting their biggest weekly drop since May, while 10-year yields recorded a first weekly decline in three. The repricing tightens the link between upcoming CPI and rate expectations, with heavy auction supply next week a near-term focus.
Impact level
● High
Affected assets
NCSKTLT2USD/USDT+0.04%
AI Insight · NCSKTLT2USD/USDTAI Insight
▲ Bullish
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Soft US employment data sent short-term Treasury yields sharply lower. The two-year yield fell about 5 basis points to 4.19%, marking its biggest weekly drop since May. The 10-year yield declined about 9 basis points on the week to 4.65%, its first weekly fall in three. In interest-rate swaps, traders cut the implied probability of a Federal Reserve hike in September to about 40% from close to 60% before the data.
