U.S. Treasury futures plunge after January nonfarm payrolls data exceeds expectations
U.S. Treasury futures fell to intraday lows and yields soared after the release of stronger-than-expected nonfarm payrolls data for January, with the unemployment rate dropping from 4.4% to 4.3%.
The U.S. Treasury yield curve flattened bearishly, with yields across all maturities rising by 3-8 basis points. The 2s10s and 5s30s spreads narrowed by 4 basis points and 5 basis points respectively during the session.
The OIS corresponding to the Federal Reserve meeting turned more hawkish, now pricing in about 50 basis points of rate cuts by the end of the year, compared with 59 basis points at Tuesday's close; the fully priced-in timing for the first rate cut has been pushed back from June to July.
Editor: Li Zhaofu
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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