Treasuries Drop as 10-Year Yield Climbs to 4.49% After ADP Jobs Data
Updated
Updated · Bloomberg · Jun 3
Treasuries Drop as 10-Year Yield Climbs to 4.49% After ADP Jobs Data
3 articles · Updated · Bloomberg · Jun 3
Summary
The 10-year Treasury yield rose nearly 5 basis points to 4.49%, putting Treasuries on track for their biggest daily loss in more than two weeks.
ADP private-sector employment growth came in roughly in line with estimates, reinforcing expectations that the Federal Reserve will still raise interest rates this year.
That move interrupted a recent Treasury rally that had produced only one prior daily yield increase since May 19.
The earlier bond gains were driven by falling oil prices, as markets anticipated a Middle East peace accord could unlock additional regional supply.