US job figures undershoot forecasts

Treasury yields have fallen back towards the 2.6% mark after US jobs figures for July missed expectations.

The US economy added 162,000 jobs in July, below expectations of a 184,000 increase, with downward revisions of 26,000 made to previous months' figures. The unemployment rate, meanwhile, fell by one percentage point more than expected, from 7.6% to 7.4% - but this was largely due to more people dropping out of the workforce altogether. Benchmark 10-year treasury yields fell in response to the news, dropping from almost 2.74% to 2.63%, according to Tradeweb data. The move suggests investors are reassessing the likelihood of the US Federal Reserve beginning to slow its quantitative e...