The benchmark 10-year yield dropped 16 basis points to 4.5% on Friday after data showed the U.S. created a fewer-than-expected 150,000 new jobs for October. The yield was down by more than 30 basis points this week and on pace for its biggest weekly decline since at least November 2022. Yields dropped across the board in morning trading as fed funds futures traders factored in a 20.7% chance of a rate cut from the Federal Reserve by next March.

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