Treasury prices soared, pushing yields to a nearly one-month low, after April’s official jobs report came in well below Wall Street’s expectations. The U.S. economy added just 160,000 new jobs in April, well below the 203,000 forecast, while the so-called participation rate fell for the first time in seven months. The yield on the benchmark 10-year U.S. Treasury note declined 2.6 basis points to 1.721%, hitting its lowest level since April 7, according to Tradeweb. Yields move in the opposite direction of prices. One basis point is a hundredth of a percentage point. The yield on the two-year Treasury note fell 2.4 basis point to 0.702%. Meanwhile, the yield on the 30-year bond fell 2 basis points to 2.584%.
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