Bonds & Stocks
Treasuries rallied after a report on US jobs showed weaker-than-expected payroll growth, prompting traders to boost bets that the Federal Reserve will lower interest rates. Yields on two-year notes tumbled 17 basis points to 3.79%, marking the biggest decline on the day of a job report release since July 2024. Ten-year yields fell nine basis points to 4.29%.
Economy
President Donald Trump unveiled a slew of new tariffs that boosted the average US rate on goods from across the world, forging ahead with his turbulent effort to reshape international commerce. The baseline rates for many trading partners remain unchanged at 10% from the duties Trump imposed in April. the average US tariff rate will rise to 15.2%.
World
President Donald Trump said the US will put a 35% tariff on some imports from Canada, escalating the tensions between two countries that have impaired one of the world’s largest trading relationships. The new rate represents an increase from the 25% tariffs Trump imposed in early March under an emergency law.