The unemployment rate unexpectedly rose in November, and U.S. Treasury yields generally fell

According to Jinshi News, John Briggs, head of U.S. interest rate strategy at the French foreign trade bank's North American branch, stated that the unemployment rate rose to 4.6% in November, the highest level since 2021. This has strengthened market expectations that the Federal Reserve will further cut interest rates in 2026, leading to a slight increase in U.S. Treasury prices, with yields on U.S. Treasuries generally declining across all maturities. The two-year yield fell by 5 basis points to 3.45%, reaching a new low since October 24, while the ten-year yield dropped by 4 basis points to 4.14%. The market expects the probability of a rate cut in January next year to be around 20%.