U.S. Treasury yields were mixed on Tuesday morning, with investors focused on jobs reports due out this week.
fell less than a basis point to 2.044%. Yields move inversely to prices and 1 basis point is equal to 0.01%.ADP's September employment change report is due out at 8:15 a.m. ET on Wednesday and the highly anticipated nonfarm payrolls report for last month is set to be released at 8:30 a.m. ET on Friday.
Jobs data, along with inflation readings, are used by the Federal Reserve to track the economic recovery from the coronavirus pandemic and to gauge when it can start to wind back emergency stimulus measures, starting with tapering asset purchases. The Fed said in itsExpectations around an imminent tapering of asset purchases, as well as concerns around persistent inflation, have seen Treasury yields spike. The 10-year Treasury yield topped 1.56% last week, its highest point since June.
"And to be honest I think the Fed's main priority will remain growth, whatever happens, even if that means a little bit more inflation," Miller said. In terms of data due out on Tuesday, Markit's final purchasing managers' index reading for September is due out at 9:45 a.m. ET, followed by ISM's September non-manufacturing PMI at 10 a.m. ET.Meanwhile, Fed Vice Chair for Supervision Randal Quarles is due to make a speech on Libor transition at the Structured Finance Association Conference at 1:15 p.m. ET.in Washington. Lawmakers have until Oct. 18 to raise or suspend the U.S.
Auctions are scheduled to be held on Tuesday for $34 billion of 52-week bills and $25 billion of eight-day bills.
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