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Treasury yields rise slightly with ADP employment data in focus

U.S. Treasury yields rose slightly on Wednesday morning, ahead of the release of employment data for July.

The yield on the benchmark 10-year Treasury note added less than a basis point, rising to 1.182% at 4 a.m. ET. The yield on the 30-year Treasury bond advanced less than a basis point to 1.854%. Yields move inversely to prices and one basis point equals 0.01%.

ADP’s July employment change data, which shows the number of private payrolls added in the U.S. each month, is due to be released at 8:45 a.m. ET.

This comes ahead of weekly jobless claims data due out on Thursday and the highly anticipated July nonfarm payroll report, set to be released on Friday.

Investors will be watching this week’s employment data closely, given that the Federal Reserve is using the recovery in the jobs market as a key indicator to gauge when it should start discussing tightening its ultra-easy monetary policy.

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Markit’s final version of its purchasing managers’ index for the U.S. in July is set to come out at 9:45 a.m. ET, while ISM’s non-manufacturing PMI data is then due out at 10 a.m. ET.

Federal Reserve Vice Chair Richard Clarida is due to make a speech on the outlook for U.S. monetary policy at the Peterson Institute for International Economics at 10 a.m. ET.

An auction is due to be held on Wednesday for $30 billion of 119-day bills.

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