---
title: "United States Treasuries Close Lower in Shortened Trading Session After Strong Non-Farm Employment Data"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281652859.md"
description: "March employment data released by the U.S. Department of Labor was stronger than expected, causing United States Treasuries to close lower in a shortened trading session. Short-end Treasury yields rose about 4 basis points as markets reduced expectations for Fed interest rate cuts. Overnight index swap contracts linked to Federal Reserve interest rate decisions almost erased bets on rate cuts this year, while easing expectations for 2027 decreased by about 6 basis points"
datetime: "2026-04-03T16:47:24.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281652859.md)
  - [en](https://longbridge.com/en/news/281652859.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281652859.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281652859.md) | [繁體中文](https://longbridge.com/zh-HK/news/281652859.md)


# United States Treasuries Close Lower in Shortened Trading Session After Strong Non-Farm Employment Data

After the U.S. Department of Labor released March employment data that was stronger than economists' expectations (including a higher-than-expected increase in Non-Farm Employment and a decline in the unemployment rate), United States Treasuries closed lower in a shortened trading session. Short-dated maturities led the decline (yields moved higher), closing up about 4 basis points as short-term interest rate contracts shifted to price in a lower probability of Fed Rate Cuts this year or next.

Overnight index swap (OIS) contracts linked to the Fed’s future interest rate decisions almost entirely erased bets on interest rate cuts this year, whereas the market had priced in about 4 basis points of easing prior to the data; for 2027, the market still prices in about 22 basis points of easing, a reduction of about 6 basis points from Thursday’s close.

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