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Treasury yields little changed ahead of key jobs report – NBC New York

Treasury yields little changed ahead of key jobs report – NBC New York

Treasury yields little changed ahead of key jobs report – NBC New York

U.S. Treasury yields held steady on Friday as markets reopened after the July 4 holiday and investors awaited the latest nonfarm payrolls data.

At 3:27 a.m. ET, the 10-year Treasury note yield was up less than a basis point at 4.3567%. The 2-year Treasury note yield was at 4.6934% after rising less than a basis point.

Yields and prices move in opposite directions. One basis point equals 0.01%.

Key economic data is expected in the form of the June jobs report on Friday.

The report is expected to show nonfarm payrolls added 200,000 jobs in June, according to economists surveyed by Dow Jones. That would be down from the 272,000 increase reported in May.

Economists also expect the unemployment rate to hold steady at 4% and hourly wages to have risen 0.3% from May and 3.9% from 12 months earlier.

The report comes after data released earlier this week by ADP showed that private payrolls grew less than expected in June. Meanwhile, weekly initial jobless claims were higher than expected.

Many investors are hoping Friday’s jobs data will signal that the labor market and economy are cooling, as this could support the case for interest rate cuts by the Federal Reserve.

Central bank policymakers have repeatedly said they are looking for more data evidence of a slowing economy and inflation before deciding whether to cut rates, and Fed Chair Jerome Powell reiterated that sentiment just this week.

Powell said progress had been made in reducing inflation but the central bank wanted more confidence it was returning to the 2% target before easing monetary policy.

New inflation data is expected to be released next week.