Treasury prices soared Friday, pushing yields lower, following the release of May's official jobs report, which fell short of expectations, casting doubt on whether the Federal Reserve will raise interest rates later in June. The trend was most pronounced in short-term yields, which are most vulnerable to changes in rate-hike expectations. The U.S. created just 38,000 new jobs in May and hiring in the prior two months was weaker than originally reported. The number of new jobs was the smallest the economy has created since the fall of 2010. The yield on the 10-year note fell 7.3 basis points to 1.740%, the lowest level in three weeks, according to Tradeweb. A basis point is equal to a hundredth of a percent. The two-year yield tumbled 9.6 basis points to 0.795%, also a three-week low. The 30-year yield, also known as the long bond yield, was down 4.4 basis points to 2.543%, its lowest level since April.

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