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US yields drop as traders bets on softer jobs growth
Benchmark U.S. 10-year Treasury yields fell to a two-month low on Wednesday after a report pointed to weaker-than-expected jobs growth ahead of Friday's highly anticipated government employment report for May. Yields have tumbled this week as softening economic data boosts expectations that the Federal Reserve will make two 25 basis point cuts this year. FEDWATCH Now the market is positioned for nonfarm payrolls on Friday to come in below economists' projections for 185,000 jobs gains. Traders say that the so-called whisper number, an unofficial forecast, is for employers to add around 120,000 jobs. Economists' ... (full story)