Treasuries' Lower-for-Longer Yield Mantra Ratified by Jobs Data
- Average hourly earnings suggest inflation is in check
- Decline in oil prices adds to appeal of longer maturities
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Bond investors are buying into Federal Reserve officials’ message that interest rates will rise gradually after liftoff from near zero.
Treasuries rallied Friday, led by longer maturities, as government data showing the biggest back-to-back months of U.S. job gains in almost a year also indicated slowing growth in average hourly earnings, reinforcing expectations that inflation will remain in check.