On non-farm payroll day, the two-year U.S. Treasury yield fell more than 28 basis points, as traders increased their bets on a rate cut by the Federal Reserve in September

On Friday (August 1), at the New York close, the yield on the U.S. 10-year benchmark Treasury bond fell by 16.21 basis points, hitting a daily low of 4.21%. This week, it has accumulated a decline of 17.59 basis points, trading overall in the range of 4.4178%-4.21%. It remained steady at around 4.35% from Monday to Friday before the non-farm payroll report was released, then plummeted after the data was published.

The yield on the 2-year U.S. Treasury bond dropped by 28.57 basis points to 3.6673%, with a cumulative decline of 25.59 basis points this week, trading overall in the range of 3.9591%-3.6673%, and was stuck around 3.9% before the non-farm payroll report was released