After the release of strong non-farm payrolls data, US government bonds fell during the shortened trading session.

After the release of March employment data in the United States that exceeded economists' expectations, US Treasury bonds fell during the shortened trading session. Short-term Treasury bonds led the decline, closing up about 4 basis points, as short-term interest rate contracts shifted to price in lower probability of a Federal Reserve rate cut this year or next. Overnight index swap contracts linked to future Fed rate decisions almost completely wiped out all bets on a rate cut this year before the data was released, with the market pricing in about 4 basis points of easing space. For 2027, the market still priced in about 22 basis points of easing, a decrease of about 6 basis points from Thursday's close.