From Dow Jones & Company:

Bond yields were steady ahead of the release of the crucial jobs report, with the 2-year Treasury at 4.24%, the 10-year at 3.89%, and the 30-year at 4.12%. The jobs report is expected to show 185,000 jobs created in January with an unemployment rate of 3.8%, and major revisions come to key elements. Economists at Morgan Stanley forecast 215,000 payrolls growth. The market is pricing in roughly a one-in-three chance the Fed will cut rates in March, and the yield on the 10-year Treasury has dropped nearly 30 basis points over the last four days.

The focus is on the upcoming nonfarm payrolls report, which is pivotal in deciding whether a March rate cut is a possibility. The market is also keeping an eye on the impact of warm weather in early January and low jobless claims on payrolls. Economists at Morgan Stanley are forecasting 215,000 payrolls growth. The yield on the 10-year Treasury has dropped nearly 30 basis points over the last four days, reflecting a conviction call that policy rates are coming lower this year.



Read more: Bond yields steady before payrolls after week of big price gains