US 2-Year and 5-Year Treasury Yields Fall Back to Pre-Jobs-Data Levels

The round-trip in 2- and 5-year yields suggests the initial read on the employment data was quickly faded, rather than reinforced by follow-through. That matters because front-end rates are where policy expectations get priced, so a full retrace implies the market is not treating the report as a durable signal. The open question is whether this reflects thin conviction or genuine disagreement about what the data implies, and whether the next catalyst produces the same fade.