<p>On the morning of February 7th, U.S. Treasury futures fell. Although the number of new non-farm jobs added in January was weak, previous data was significantly revised upward, and average hourly wage data exceeded expectations, attracting investors' attention. The unemployment rate also dropped to 4%. U.S. Treasuries were sold off across the board and maintained their losses, with yields closing near the intraday highs. The SOFR swap spread continued its three-day upward trend, with the 30-year spread reaching its highest level since March 2022</p>

<p>On February 7th, U.S. Treasury futures fell due to weak non-farm payroll data, despite previous data being significantly revised, with average hourly earnings exceeding expectations and the unemployment rate dropping to 4%. U.S. Treasuries were sold off, with yields approaching intraday highs. Meanwhile, the SOFR swap spread rose for three consecutive days, with the 30-year spread reaching its highest point since March 2022</p>

Non-farm payroll data drives down U.S. Treasury yields, SOFR swap spreads continue to widen