FX.co ★ US 10-Year Treasury Yield Steady Ahead of Jobs Data

The yield on the US 10-year Treasury note remained steady at approximately 4.45% on Wednesday as investors anticipated forthcoming labor market data that could potentially impact the Federal Reserve's policy decisions. The focus is on the ADP private payrolls report scheduled for Wednesday, followed by the release of weekly jobless claims on Thursday, and the highly anticipated May employment report on Friday. On Tuesday, the JOLTs report revealed an unexpected increase in job openings, rising to 7.39 million in April from March’s revised 7.2 million, surpassing forecasts of 7.1 million and highlighting ongoing robustness in the labor market. Conversely, factory orders experienced a significant drop of 3.7% in April—more severe than expected—highlighting continued fragility in the manufacturing sector. Despite persistent advocacy from President Trump for rate reductions, Federal Reserve officials have largely advocated for maintaining current interest rates, citing significant uncertainties related to trade policy and global economic growth.