Bond yields drop as US jobs data takes tapering off the table

Delayed US jobs figures for September have missed expectations, a development which all but rules out the prospect of a slowdown in US QE before 2014.

A mixed US non-farm payrolls update, delayed from earlier this month because of the Federal government shutdown, showed the US economy added 148,000 new jobs in September. That was below expectations of an 180,000 increase. Elsewhere, August's figure was revised upwards from 169,000 to 193,000, while the headline unemployment rate fell from 7.3% to 7.2%. But investors opted for a downbeat interpretation of the figures - a move which boosted appetite for bonds in the belief the US Federal Reserve will not opt to slow its asset purchase programme any time soon. Yields on benchmark...