{"id":68928,"date":"2023-10-05T06:05:18","date_gmt":"2023-10-05T10:05:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/treasury-yields-stabilize-as-traders-eye-fridays-jobs-report\/"},"modified":"2023-10-05T06:05:20","modified_gmt":"2023-10-05T10:05:20","slug":"treasury-yields-stabilize-as-traders-eye-fridays-jobs-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68928","title":{"rendered":"Treasury yields stabilize as traders eye Friday\u2019s jobs report"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002581962\" role=\"document\">\n<p>Treasury yields were mildly mixed as the recent bond market volatility abated ahead of crucial jobs data at the end of the week.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       fell by 2.9 basis points to 5.042%. Yields move in the opposite direction to prices.<\/p>\n<\/li>\n<li>\n      The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       was barely changed at 4.734%.<\/p>\n<\/li>\n<li>\n      The yield on the 30-year Treasury<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       rose 1.8 basis points to 4.879%.<\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s driving markets<\/h2>\n<p>A softer-than-expected ADP survey of the U.S. private sector jobs market, released Wednesday, and a continued slide in oil prices, left benchmark 10-year borrowing costs little changed early in the new session at 4.73%, some 13 basis points down from the fresh 16-year high hit midweek.<\/p>\n<div class=\"paywall\">\n<p>The next move in bonds will likely be determined by whether looming labor market data \u2014 the weekly initial jobless claims on Thursday, and Friday\u2019s nonfarm payrolls report \u2014  match the upbeat JOLTS report from Tuesday, or the ADP data.<\/p>\n<p>Fed speakers Thursday include Cleveland Fed President Loretta Mester talking at the Chicago Payments Symposium at 9 a.m., and San Francisco Fed President Mary Daly making comments at noon in New York. <\/p>\n<p>Ahead of their comments, markets are pricing in an 80% probability that the Fed will leave interest rates unchanged at a range of 5.25% to 5.50% after its next meeting on November 1, according to the CME FedWatch tool.<\/p>\n<p>The chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in December is priced at 33%.<\/p>\n<p>The central bank is not expected to take its Fed funds rate target back down to around 5% until September 2024, according to 30-day Fed Funds futures.<\/p>\n<h2>What are analysts saying<\/h2>\n<p>Greg McBride, chief financial analyst at Bankrate, alluded to the damage recent rate rises may be doing to the housing market.<\/p>\n<p>\u201cLong-term Treasury yields and mortgage rates have increased at a torrid pace in recent weeks, with the average 30-year fixed rate mortgage rising to a fresh 23-year high of 7.80% in Bankrate\u2019s weekly national survey. As if high home prices weren\u2019t enough, escalating mortgage rates have compounded affordability issues for would-be home buyers,\u201d said McBride.<\/p>\n<p>\u201cThe imbalance between the increasing supply of government bonds and the reduced demand as the Federal Reserve and many banks have stopped buying those securities, has pushed long-term bond yields and mortgage rates to levels not seen in many years. It\u2019s not clear how long this dynamic continues pushing bond yields and mortgage rates higher,\u201d he concluded.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/treasury-yields-stabilize-as-traders-eye-fridays-jobs-report-fd92dca?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury yields were mildly mixed as the recent bond market volatility abated ahead of crucial jobs data at the end of the week. What\u2019s happening The yield on the 2-year Treasury BX:TMUBMUSD02Y fell by 2.9 basis points to 5.042%. Yields move in the opposite direction to prices. The yield on the 10-year Treasury BX:TMUBMUSD10Y was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-68928","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasury yields stabilize as traders eye Friday\u2019s jobs report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Treasury yields were mildly mixed as the recent bond market volatility abated ahead of crucial jobs data at the end of the week.What\u2019s happening The yield\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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