Bond yields log biggest daily gain in about 2 weeks as jobs report seen boosting Fed rate-hike chances, MarketWatch, 4/7/23
BOND REPORT -- Treasury yields rose sharply in holiday-abbreviated trading Friday, though rates still concluded the week lower overall, after employment data for March was seen boosting the chances of another Federal Reserve interest-rate hike next month.
The yield on the 2-year Treasury note jumped 15.2 basis points to 3.970% from 3.818% on Thursday.
The yield on the 10-year Treasury note rose 9.4 basis points to 3.382% from 3.288% as of Thursday afternoon.
The yield on the 30-year Treasury advanced 6.3 basis points to 3.601% from 3.538% late Thursday.
All three yields jumped by the most since March 27, according to 3 p.m. ET figures from Dow Jones Market Data. For the week, however, they posted their biggest weekly declines since the period that ended March 17; the 2-year rate was down 9 basis points; the 10-year yield declined 10.9 basis points; and the 30-year rate was off by 8.7 basis points.
More:
https://www.msn.com/en-us/money/markets/bond-yields-log-biggest-daily-gain-in-about-2-weeks-as-jobs-report-seen-boosting-fed-rate-hike-chances/ar-AA19A4xS
The article goes on to summarize today's jobs report as about as-expected but lower than February's 326,000 jobs. And ...
"Hourly wages increased a mild 0.3% last month and the increase in pay over the past year slowed again to a nearly two-year low of 4.2% from 4.6% in February." (Compare to 6.0% CPI and 5.5% Core CPI over the past year. So the Fed should be happy with that part of it -Progree)
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The U.S. stock market was closed today, Good Friday, but the bond market had a shortened session.
The CPI inflation report comes out Wednesday, the PPI (wholesale prices) on Thursday
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