Bond traders’ conviction that the Federal Reserve will cut interest rates this year in response to a weakening outlook firmed after the monthly U.S. jobs report for May was weaker than expected.

Fed funds futures show a quarter-point cut almost fully priced in for July, and almost three-quarters of a point by the end of 2019. The two-year Treasury yield fell as much as 10 basis points to 1.78%, close to the 2019 low reached Wednesday, while the 10-year rate dipped as much as 6 basis points to 2.05%. The dollar slid.

The move came after data showed U.S. employers last month added the fewest workers in three months and wage gains cooled, suggesting broader economic weakness. The figures are likely boost to calls for a Fed interest-rate cut as President Donald Trump’s trade policies weigh on the economy.