A long-duration Treasury bond ETF has seen an impressive surge of nearly 9% in just four trading sessions, a performance reminiscent of rallies seen during the 2020 pandemic panic and the deflationary scare of August 2024. Specifically, the PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF (NYSE: ZROZ) saw an 8.8% increase between Sept. 3 and Sept. 8. This surge was driven by a significant drop in Treasury yields following a weak U.S. jobs report, reigniting expectations of impending Federal Reserve rate cuts. On the day of the jobs report (Sept. 6), the fund experienced a substantial 2.7% spike, one of its most robust daily gains of 2025. In comparison, the SPDR S&P 500 ETF Trust (NYSE: SPY) only saw a 1.3% increase over the same period, highlighting a rare and significant outperformance by bonds over equities – a trend not commonly seen since the pandemic. The unexpectedly weak August jobs report played a key role in reshaping market expectations, with only 22,000 jobs added during the period.