The September employment report missed consensus expectations while the previous two months saw a combined downward revision of 60,000 jobs. Simultaneously, newly released Personal Consumption Expenditures (PCE) data indicated that inflation is cooling faster than anticipated.
In response to these macroeconomic signals, the 10-year Treasury Note yield demonstrated significant volatility, failing to sustain any downward movement for more than a single hour. This market behavior highlights a resilient bond market that is currently resisting the typical downward pressure associated with softening economic data.