Yields on U.S. 30-year bonds dropped to their lowest in more than 10 months on Friday, falling for a fourth straight session, as concerns about Russia and Ukraine overshadowed an upbeat U.S. employment report.
U.S. 30-year bond yields fell as low as 3.34 percent, their weakest level since June 19, 2013, after hitting session highs on the jobs number. U.S. 10-year note yields, meanwhile, slid to 2.57 percent, a three-month trough, on news about Russia and Ukraine.
Reports that Russia had called for a meeting of the United Nations Security Council over a Ukrainian army operation in the southeastern city of Slaviansk drove a rally in Treasurys.
The report came after Treasuries sold off as the U.S. nonfarm payrolls figure came in higher than expected.
"Shortly after this morning's jobs report, it looked like the world might be returning to an 'old fashioned' bond market where macroeconomic fundamentals rule," said Jonathan Lewis, managing principal and chief investment officer, at Samson Capital Advisors, in New York.
"Then the spotlight turned to Ukraine, a worsening geopolitical environment, and suddenly the jobs report was forgotten. Stocks are down, longer maturity treasuries have turned from a loss to a gain, and gold is having its best day in some time."
In afternoon trading, the benchmark 10-year U.S. Treasury note was up 7/32 on the day to yield 2.59 percent, compared with 2.62 percent late on Thursday. Yields hit session highs of 2.70 percent following the jobs number.