Treasury yields retreat from 16-year highs after weaker-than-expected ADP jobs report
Publishing timestamp: 2023-10-04 13:46:56
Summary
Treasury yields dropped after new jobs data showed signs of weakening labor market. The yield on the 10-year Treasury note fell to 4.748%, while the 30-year Treasury bond yield slid to 4.887%. The ADP report showed job growth of 89,000 in September, below economists' estimates. The data suggests that the tight labor market may be loosening, raising hopes that the Federal Reserve may stop raising interest rates. The report came ahead of the official jobs report, which is expected to show an increase in non-farm payrolls.
Sentiment: MIXED
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