FXStreet (Mumbai) - The yields on the long duration and short duration US treasuries dropped after the ISM data showed the manufacturing activity contracted the most since 2009. As of writing, the 10-yr treasury yield was down 4.5bps at 2.173%. The more policy sensitive 2-yr yield was relatively resilient, but still down 2.3bps at 0.911%. The Institute for Supply Management’s index dropped to 48.6, the lowest level since June 2009, from 50.1 in October. The headline figure was enough to push the yields lower. However, the employment index was the bright spot. It increased to 51.3 in November from 47.6. This may keep the rate hike bets intact since the Fed is more focused on the labor market tightening. Consequently, the 2-yr treasury yield remained relatively resilient. For more information, read our latest forex news.