2-Year Note futures experienced upward momentum, pushing back toward the top end of their recent range, currently priced around 102'31. The primary driver of this price action was a softer-than-expected non-farm payroll report, which revealed negative job creation for the month alongside downward revisions for the previous two months. This data signaled a cooling labor market, alleviating some pressure regarding monetary policy and inflation. In response, the Treasury yield curve steepened and moved lower across all durations. Short-end yields, including the two-year, dropped by four to five bps, while the 10-Year yield fell by two bps, reflecting strength in the front end of the curve.