Treasury rates are falling to record lows after a report showed private employers shed jobs last month.
The two-year Treasury yield slipped to 0.39 percent Wednesday, and the five-year yield sank to 1.13 percent. Both are the lowest yields on record, traders say.
In its monthly report, the payroll company ADP said private employers cut 39,000 jobs in September. The news caught traders by surprise: Private economists had expected employers to add 20,000 jobs.
The unexpectedly weak employment data also bolsters expectations that the Federal Reserve will launch a new round of bond buying to aid the economy.
The yield on the 10-year note hit its lowest point this year: 2.36 percent, a sharp drop from 2.50 percent a week ago.
© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.