Treasurys rallied sharply Friday, sending the 2-year yield to a four-and-a-half year low, after news of heavy job losses last month suggested a recession is under way.
The Labor Department said the economy gave up 63,000 jobs in February, the heaviest losses in five years. The news has very bleak economic portents, but lifted government-backed Treasurys that gain favor with investors nervous about taking risks.
The job losses were widespread and included positions in construction, manufacturing, retailing and a variety of professional and business services. This provides evidence that weakness that began in housing and the credit markets is being felt …
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