US 10-Year Treasury Yield Slumps from 4-Month High
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The yield on the US 10-year Treasury note sank to 4.34% after touching a four-month high of 4.38% earlier in the session. Initial jobless claims surged to a two-month high in the end of March, while the Challenger report showed that job cuts were the highest in 14 months. Data from the ISM showed that inflation for services providers slowed to a 4-year low, in addition to a moderation of growth in the sector. The yield on the 10-year note remains 50bps higher year-to-date. About 40% of the market expects the Fed to hold rates unchanged beyond June due to the broad resilience of the US economy to restrictive borrowing costs.