U.S. Treasury yields fell on Tuesday as investors prepared for the release of delayed jobs data after the 43-day government shutdown ended.
The 10-year Treasury yield — the benchmark for U.S. government borrowing — fell almost 3 basis points to 4.104% as of 4:47 a.m. ET Tuesday.
Yields on the 2-year Treasury note dropped by more than 4 basis points to 3.568%. The 30-year bond yield, meanwhile, fell more than 1 basis point to 4.717%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Expectations of a further interest rate cut in December by the Federal Reserve have receded lately, as the data blackout resulting from the longest government shutdown in history has clouded the overall economic picture.
With the Fed increasingly divided over the future path of monetary policy, investors are now keeping close tabs on several crucial economic indicators, set to be released in the coming days, to help navigate the uncertainty.
This flurry of data includes the trade balance for August, scheduled to be published Wednesday, followed by the Bureau of Labor Statistics’ nonfarm payrolls report September on Thursday.
Ahead of those numbers, the ADP Employment Change Weekly, out Tuesday, will also offer a snapshot of employment in the U.S. private sector.
