News Summary

• Treasuries advanced at the close of the week as mixed economic data reinforced expectations the Federal Reserve will stay on hold.
• Friday’s gains pushed yields lower by two basis points across tenors.
• The data pointed to a resilient labor market, with payrolls rising by 115,000 in April and the unemployment rate holding at 4.3%.
• Money-market pricing suggests the Fed will keep rates steady for the rest of the year, with some hedging for a possible hike in 2027.