Yield on 2-year Treasuries extend drop, now off 10-basis points at 4.76% as downward revisions drive the market rally.

Greg Faranello, Head of US Rates Trading & Strategy says:

“In general and when including revisions, the job market is softening without completely falling a a part. The increase in labor force participation will be a welcomed sign for the Fed. This is a Fed-friendly number overall.”