Government bond yields fell globally on 8 November 2025 as weaker-than-expected U.S. employment data reinforced bets that the Federal Reserve might begin cutting interest rates early in 2026. The U.S. 10-year Treasury yield slipped below 3.9%, while European and Asian yields also retreated. The dollar weakened, and equity markets gained modestly in response. Analysts said the move signals a shift from risk-off to risk-on sentiment but warned that volatility remains elevated until inflation and growth data align. Central banks’ next commentary will be critical for direction.