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Tuesday, August 16, 2022

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Treasury yields climb ahead of ADP employment report – CNBC

U.S. Treasury yields climbed on Wednesday morning, ahead of the release of ADP’s August national employment report.

The yield on the benchmark 10-year Treasury note added 2 basis points, rising to 1.327% at 3:50 a.m. ET. The yield on the 30-year Treasury bond rose by nearly 2 basis points at 1.945%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

ADP’s monthly employment report, which shows the change in private payrolls, is set to come out at 8:15 a.m. ET on Wednesday.

This comes ahead of the release of the highly anticipated August nonfarm payroll report on Friday. Dow Jones economists expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%.

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Investors will be looking at both reports closely, along with weekly jobless claims data, due to the fact that the Federal Reserve is monitoring the labor market recovery to gauge when it should tighten monetary policy.

Markit’s final manufacturing purchasing managers’ index reading for August is set to be released at 9:45 a.m. ET. ISM’s manufacturing PMI for August is then due to be released at 10 a.m. ET.

An auction is scheduled to be held for $30 billion of 119-day bills.

CNBC’s Tanaya Macheel contributed to this market report.

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