The 10-year U.S. Treasury yield climbed back above 1.56% early on Wednesday, ahead of the release of ADP's September employment change report.
jumped nearly 4 basis points to 2.137%. Yields move inversely to prices and 1 basis point is equal to 0.01%.The 10-year rate topped 1.56% last week, which was its highest point since June, amid inflation and tighter monetary policy concerns.The closely watched nonfarm payrolls report for September is then due out at 8:30 a.m. ET on Friday.
A recovery in the labor market is one indicator being used by the Federal Reserve to decide when it should tighten monetary policy. The central bank said in its September meeting that it would soon look to pull back its purchasing of bonds. A better-than-expected manufacturing reading Tuesday aided optimism about the economic recovery. The Institute for Supply Management's services purchasing managers' index report for September rose to 61.9 from 61.7 in August, 0.2 points better than expected.
Auctions are due to be held on Wednesday for $30 billion of 119-day bills and $40 billion of 64-day bills.
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