U.S. 10-Year Yields Drop Below 3% for First Time in 2011 on Jobs
This article is for subscribers only.
Treasuries surged, pushing 10-year note yields below 3 percent for the first time in 2011, as U.S. companies added fewer jobs in May than economists forecast and manufacturing expanded at the slowest pace in more than a year.
Yields dropped the most in more than two months after falling last month the most since August. The yields fell today below those of benchmark 10-year German bunds for the first time in almost four weeks. The ADP Employer Services report on company hiring came two days before the Labor Department’s payrolls figures, which are forecast to show hiring slowed.