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10-year Treasury yield swings after missed September payrolls

After the jobs report showed September nonfarm payrolls at 29,000, the 10-year yield briefly fell to 5.17% before rebounding to around 5.28%.

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The 10-year Treasury yield dropped sharply after September payrolls came in below expectations and related revisions weakened recent job growth, with the yield falling to as low as 5.17% before rising back toward 5.28%, HousingWire reports.

HousingWire notes that the U.S. Bureau of Labor Statistics said nonfarm payroll employment rose by 29,000 in September, while the unemployment rate was 4.2%, and that employment across major industries changed little over the month.

According to HousingWire, the job estimates were for 90,000 but the release showed 29,000 with negative revisions, and the three-month average job creation was at 51,000.

HousingWire also points to Fed messaging from key officials that suggested there was no rush to hike, helping drive the initial move lower even though yields later turned higher during the session.

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