Bond yields were steady Friday as investors awaited for a key jobs report for signs on whether the economy is still strong or on the cusp of faltering.
What’s happeningWhat’s driving markets On Thursday, the yield on the 2-year Treasury surpassed 5% to reach to the third-highest level of the year, and the yield on the 10-year Treasury topped 4% to its highest level since March.What’s happening What’s driving markets On Thursday, the yield on the 2-year Treasury surpassed 5% to reach to the third-highest level of the year, and the yield on the 10-year Treasury topped 4% to its highest level since March.
Markets were reacting to signs of labor-market strength registered in ADP’s private-sector payrolls report, as well strong services sector sentiment and the hawkishness revealed in the Fed’s minutes. “With the job market resilient and inflation elevated, the bond market continued to push further out in the future expectations of a rate cut. It resulted into higher U.S. Treasury yields across the yield curve, in particular the belly,” said Althea Spinozzi, senior fixed income strategist at Saxo Bank.
Economists polled by The Wall Street Journal expect payrolls growth in June to slow to 240,000 from 339,000, with the unemployment rate easing to 3.6% and hourly wages growing 0.3%.
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