The yield on the 10-year Treasury note fell below 4% for the first time since February after the ISM manufacturing index came in weaker than expected. Bond prices have rallied, meaning yield fell, as traders bet that the Federal Reserve will soon begin cutting interest rates. Also weighing on yields was an unexpected increase in U.S. weekly jobless claims to 249,000 from 235,000, which supports bets on an interest rate cut by the Fed in September.