Nonfarm payroll data did not put pressure on interest rate cuts, U.S. bond yields fell instead of rising

Despite U.S. nonfarm payroll growth exceeding expectations and Trump dismissing the renewed tensions with Iran as "a minor issue," U.S. Treasury yields still declined. The unemployment rate held steady at 4.3%, posing no pressure on the Federal Reserve to cut interest rates. However, wage growth fell short of expectations, moving in the opposite direction of employment data, offering potential relief for inflation. This trend continued after the data release. The 10-year U.S. Treasury yield stood at 4.374%, down from 4.393% the previous day; the 2-year U.S. Treasury yield fell from 3.918% to 3.899%. (Jinshi)