2-Year T-Note futures declined following strong labor data. 2/11/26

2-Year T-Note futures traded lower on Wednesday, giving back recent gains as selling pressure intensified following the U.S. non-farm payrolls report. The data showed a larger than anticipated increase in jobs and a decrease in the unemployment rate, priced at 104'120 in the futures market. This stronger labor narrative impacted the entire yield curve, specifically the short end, where the 2-year yield rose 6 bps to approximately 3.51%. Market participants adjusted positions as the likelihood of a near-term interest rate cut decreased, moving potential timelines further out. The yield curve saw flattening as the 1-year, 2-year, and 3-year sectors faced more significant selling pressure than the long end, which saw yields rise between 3 bps and 4 bps.

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