The majority of term US Treasury yields hit a near one-month low, weak non-farm "leading indicators" intensify rate cut expectations.

The majority of US government bond yields have fallen to their lowest levels in nearly a month, as previously released figures for new job additions and service sector activity were weaker than expected, reinforcing traders' expectations that the Federal Reserve will resume cutting interest rates later this year. Yields on 2-year to 10-year government bonds have dropped to their lowest levels since May 9th, following an unexpected decline in the ISM services index, indicating the industry's first contraction since June of last year. Earlier data from ADP Research showed that private sector job growth was the weakest in two years, leading to a stronger bond market. The US government will release broader May non-farm payroll data on Friday, which is also expected to show a slowdown in growth.