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NEW YORK (CNNMoney.com) -- Short-term Treasury yields continued their downward march on Wednesday, with 5-year yields hitting a record low in the wake of two disappointing jobs reports.
Private sector employers cut 39,000 jobs in September, according to Automatic Data Processing. Additionally, Challenger, Gray & Christmas Inc.'s report showed employers planned on cutting another 37,151 employees in September.
Yields on 5-year Treasury notes fell to 1.13% on Wednesday after the reports were released, but recovered later in the day to hold near 1.16%.
Yields on the 10-year fell to 2.39% after closing at 2.48% on Tuesday. The 30-year yield fell to 3.67%, from a close of 3.75%; meanwhile the 2-year dropped to 0.39%.
Economy: The two jobs reports are acting as key indicators for the possibility of quantitative easing action by the Federal Reserve.
Investors are looking forward for an announcement in early November from the Fed.
Each negative economic report issued prior that announcement increases the chances of action by the Fed, said Kenneth Naehu, head of fixed income at Bel Air Investment Advisors.
"No one knows to what extent the government is implementing quantitative easing ... it's pure speculation, and expectations are already built into market rates," Naehu said.
Auctions: The Treasury Department's auction of $25 billion in two-month bills was met with strong demand from investors . The bid-to-cover ratio, which measures demand, was 4.38 at Wednesday's auction.
The story was much the same for Monday's auction of more than $55 billion in short-term bills and Tuesday's sale of $25 billion in one-month bills. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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