The 10-year US Treasury yield surged higher Tuesday as investors weighed recent job openings data, showing 7.74 million job postings in October. The increase added 4 basis points to 4.232%, while the 2-year Treasury dipped 2 basis points to 4.177%.
For context, a one basis point change equals 0.01%. The yields of Treasuries move inversely to prices.
The November jobs report, set for Friday, is crucial as it will provide insight into the US economy’s labor market performance before the Federal Reserve’s December meeting where interest rates are expected to be adjusted. Economists predict 214,000 new jobs were added last month, a significant increase from October’s 12,000. The unemployment rate is forecasted at 4.2%, up from 4.1% in the prior month.
Source: https://www.cnbc.com/2024/12/03/us-treasury-yields-investors-await-labor-data-and-fed-speeches.html