The yield on the 10-year US Treasury note fell further to the 4.2% mark on Thursday, the lowest in nearly three weeks, as a batch of soft labor data supported the outlook of multiple rate cuts by the Federal Reserve this week. The JOLTS showed that job openings fell to a five-year low in December and the Challenger report reflected the most January job cuts since 2009, while initial jobless claims were sharply above expectations to a two-month high. Adding to the cautious tone, the ADP report showed private-sector job growth fell well short of expectations. The run of weaker labor data reinforced bets on multiple Federal Reserve rate cuts this year, with markets still pricing in a first reduction in June and a second potentially in September. Meanwhile, the US Treasury maintained its issuance guidance for the coming quarters, favouring a greater share of short-term bills over longer-dated bonds in an effort to manage borrowing costs amid elevated interest rates.