Bonds Surge After Bad Jobs Report

The July nonfarm payrolls report just came in well below expectations.

162,000 nonfarm payrolls were created in July, versus Wall Street's consensus estimate of a 185,000 gain.

In the wake of the release, Treasuries are soaring, and yields are plunging.

The yield on the 10-year Treasury note is 8 basis points lower from yesterday's close at 2.63%.

The chart below shows the move in 5-year U.S. Treasury futures.