US employment data came in with conflicting signals this week, sending Treasury yields on quite the roller coaster. Prices spiked higher, then pulled back just as quickly—actually touching their lowest point in seven days before staging a rebound.

What's interesting? The majority of traders aren't backing off their expectations. Most are still holding firm on bets that the Federal Reserve will deliver at least two interest-rate cuts before the year wraps up. That's pretty telling about market conviction, especially when you consider how volatile things have been.

The mixed employment picture is keeping everyone cautious, but it's not shaking the broader narrative around eventual rate relief. Markets are clearly pricing in some economic softening ahead, and unless we see dramatically stronger labor reports, those two-cut expectations look like they'll stick around.