Yields for long-dated U.S. government debt are trading at highs not seen since early June on Friday, and the 2-year Treasury touched a March 2020 high, as a...
Yields for long-dated U.S. government debt were trading at highs not seen since early June on Friday, and the 2-year Treasury touched a March 2020 high, as a selloff in bonds that commenced in late September proceeded apace, ahead of the monthly Labor Department employment report.
Economists polled by The Wall Street Journal expect the U.S. added 500,000 new jobs in September when data is released at 8:30 a.m. Eastern Time, more than double the gains from August. Estimates among economists surveyed by Econoday range from 250,000 to 600,000 gains on the month, with the data provider also showing a lower headline consensus expectations of 475,000 jobs pointing to a decline to 5.1% in unemployment.
The prospect of the Fed tapering its bond purchases has played a considerable part in the recent advance in bond yields but investors may also look to see how much wages have increased as an indicator of inflation. The labor market report comes as Washington delayed a federal default after a Senate voted late Thursday to raise the government’s debt ceiling into December. It is a brief reprieve as lawmakers must head back to the bargaining table before the end of the year.
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