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Sorry, Bond Bulls. March Jobs Report Doesn't Mean You're Winning

  • Yields fall to 2017 low and rebound, even after payrolls miss
  • Focus on productivity growth, not job growth: Janus’s Gross

The world’s biggest fixed-income managers aren’t ready to give in to the bond bulls just yet.

Even after Friday’s weaker-than-forecast U.S. payrolls report, Treasuries failed to sustain a rally that briefly pushed yields to 2017 lows during the New York session. The day’s fluctuations merely leave 10-year yields at the bottom of a range they’ve been trapped in all year -- and above their lowest year-to-date closing level of 2.31 percent.