US nonfarm payrolls came in below expectations, prompting traders to pare Fed
hike bets and lift US Treasures. The 2-year yield fell 6bp to 4.11% and the
10-year fell 2bp to 4.46%. Fed funds swaps imply roughly a 20% chance of a rate
hike at the Fed's meeting later this month, down from about 33% before the data.
Markets now price fewer than two 25bp hikes through March 2027.
