Bond Market Update

Nonfarm Payrolls Revised Sharply Lower

• U.S. Treasuries have slipped back to their morning lows after the Bureau of Labor Statistics released its annual benchmark revision to past nonfarm payroll growth figures. In sum, total nonfarm employment as of March 2024 was revised down by 818,000, which is a massive number, but a bit smaller than the one million figure that the market had speculated about in recent days. Even with the recent move to lows, Treasuries remain close to their unchanged levels with the 2-yr note hanging onto a gain.
• Yield Check:
  • 2-yr: -3 bps to 3.96%
  • 3-yr: -3 bps to 3.77%
  • 5-yr: -2 bps to 3.68%
  • 10-yr: UNCH at 3.82%
  • 30-yr: +2 bps to 4.09%