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2025-08-01 20:48:18
[Weak non-farm payroll data caused US Treasury yields to plummet, with the 10-year yield hitting a one-month low] ⑴ The 10-year US Treasury yield fell to 4.3% on Friday, a one-month low. The weak non-farm payroll data reinforced expectations of a Fed rate cut. ⑵ July non-farm payrolls increased by only 77,000, far below the expected 110,000, and the figures for the previous two months were revised downward by 258,000. ⑶ The data suggests that tariff threats and economic policy uncertainty have materially impacted the US job market, reversing the previous assessment of "strong employment." ⑷ The market is re-pricing the possibility of a September Fed rate cut and two more rate cuts this year. ⑸ Trump announced that tariffs on Switzerland will increase to 39% starting next week, while tariffs on the EU, Japan, and South Korea will take effect today. ⑹ The US Treasury announced an expansion of Treasury and TIPS repurchases, further pushing down yields.
