"Treasury bonds rallied broadly, as the U.S. employment report for July soothed concerns that the Federal Reserve may raise interest rates sooner than investors expect.</br></br>In late afternoon trading Friday, the benchmark 10-year note was up 15/32, yielding 2.505%.</br></br>The two-year note was up 4/32, yielding 0.476%. Bond yields fall when their prices rise.</br></br>Investors piled into U.S. government bonds after the Labor Department said the U.S. economy added a smaller-than-forecast 209,000 nonfarm payrolls in July. Average hourly earnings rose one cent from June to $24.45 last month, a sign that wage inflation remains tame.</br></br>""The bond market is telling you that it is not a bad report, but it is not strong enough to force the Fed to rush to raise interest rates,"" said Gary Pollack, who helps oversee $12 billion as head of fixed-income trading in New York at Deutsche Bank AG's private wealth-management unit."