Interest rate markets saw significant buying pressure today, with 2-Year T-Note futures reaching a one month high of 104'010. The move was driven by a softening labor market as JOLTS job openings declined more than anticipated and weekly jobless claims rose to 231,000. While yields moved lower across the curve, the two year yield dropped 8 bps to 348 bps, nearing its multi-year lows. This outperformance in the short end caused the yield curve to steepen, with the spread between the two year and ten year notes holding near 73 bps.