US Treasuries fell during the day.

The belly of the curve led the decline after a weak nonfarm payrolls report briefly lifted bonds, but investors then sold into the rally, pushing yields across maturities up by as much as 5 basis points on the day.

Even so, market pricing for an October Fed rate hike cooled, with the implied increase falling to about 6 basis points from roughly 8 basis points on Thursday.

Shortly after 3 p.m. in New York, Treasury yields were 2 basis points to 5 basis points higher across the curve, with the belly leading the move, narrowing the 5s30s spread by 3 basis points on the day and widening the 2s5s30s butterfly by 4.5 basis points from Thursday's close.

The 10-year Treasury yield ended near its session high at 5.28%, close to the upper end of this week's 5.15%-5.34% range.

When the post-payrolls rally was at its strongest, short-end and intermediate yields fell by as much as 10 basis points, with short covering amplifying the move.

As trading progressed, yields returned to flat and then turned higher.

As market volatility following the data release gradually subsided, oil prices moved off session lows, and narrowing French and German 10-year yield spreads added downward pressure on Treasuries.

WTI moved clearly off its session low late in the day but was still down about 2%, after G7 nations signaled they would release emergency reserves to ease pressure on consumers from surging energy costs, sending European and US diesel prices sharply lower.

As of 3 p.m. in New York, Treasury futures volume was about 30% above the 20-day average, with contracts in the belly of the curve particularly active.

As of 3:51 p.m. New York time, the 2-year Treasury yield was 4.8372%.

The 5-year Treasury yield was 5.0715%.

The 10-year Treasury yield was 5.2897%.

The 30-year Treasury yield was 5.6402%.

The 2-year/10-year Treasury yield spread was 44.83 basis points.

The 5-year/30-year Treasury yield spread was 56.69 basis points.