The U.S. 10-Year Treasury yield fell to 4.511%, down 4.4 basis points, as the latest JOLTS job openings data came in below expectations, according to a Morgan Stanley report dated February 4, 2025. The job openings rate declined to 4.5% from a previous 4.9%, signaling a cooling in labor demand despite remaining consistent with solid labor market conditions. This unexpected drop spurred a rally in U.S. Treasuries, with yields falling across the curve. Morgan Stanley analysts noted that the data prompted a shift in market expectations, pulling forward the anticipated next rate cut to July from September. The report also highlighted a broader risk-on sentiment in global markets, driven by easing concerns over tariffs, which contributed to a weaker U.S. dollar and a rise in gold prices.