Prices of Treasury notes and bonds rose significantly following a surprising reports indicating unanticipated continued weakness in private-sector jobs. In the aftermath of the announcement many investors rushed to sell stocks and sought safety in U.S. government securities.
The new data negated Market optimism regarding March nonfarm payrolls data while contributing to anxiety over the labor market. Unemployment has been predicted to vary little over the course of the year and thus far forecasts have held up. The unemployment rate remains at 9.7 percent. The weak data justifies the Federal Reserve's plans to maintain the near zero interest rate as a means of pushing forward the economic recovery.
Treasury prices reached highs for the session following the release of the reports, driving up the 10-year notes yield to its highest level since June at 3.934 percent.
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