Bond yields, which move inversely to prices, have surged due to expectations that interest rates will remain high because of a resilient economy, as well as concerns over rising fiscal deficits and increases in U.S. government bond supply.
"An unexpected softening in payrolls could pour some cold water on the selloff, allowing the market to retrace a portion of recent weakness," said Gennadiy Goldberg, head of U.S. Rates Strategy at TD Securities USA. "It’s quite possible that soft payroll numbers can reverse the trend in Treasury term premium and cause a sharp rally in Treasuries, as markets price out ‘higher for longer’ and begin to price in a recession, which is looking increasingly likely,” he said.
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