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The yield on the US 10-year Treasury note slipped below 4.17% on Thursday, after reaching as high as 4.2% in the previous session, as investors weighed new labour market data that cooled expectations for imminent Federal Reserve rate cuts. Yesterday’s jobs report showed a stronger-than-expected gain of 130K jobs in January and a drop in the unemployment rate, though it was accompanied by a sharp downward revision to earlier figures. At the same time, initial jobless claims exceeded forecasts. Traders are now looking ahead to tomorrow’s CPI release for further guidance on the inflation outlook. Current market pricing suggests the Fed will keep rates unchanged in March, with two cuts anticipated later this year—one in June and another in September.
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