U.S. Treasury yields were little changed as investors anticipate jobs and employment data coming out later in the day.
The 10-year Treasury yield was relatively flat at 4.178%. The 30-year Treasury yield slid by less than one basis point to 4.81%, as did the 2-year Treasury yield to 4.781%.
One basis point is equivalent to 0.01%, and yields and prices share an inverse relationship.
The Job Openings and Labor Turnover Summary (JOLTS) Job Openings report for October is slated to come in at 7.15 million, according to LSEG estimates.
Market participants are expecting that the Federal Reserve will lower its benchmark interest rate at its final meeting of the year.
“We believe a December rate cut will work to support equity markets and credit quality,” Eastspring Investments wrote in a note.
If Fed Chair Jerome Powell suggests that he views the Fed is now in a good enough place to skip the next few meetings to assess the economy, this would likely reinforce the current stability of the U.S. dollar and keep Treasury yields in their recent range, the economists added.
“In contrast, a more dovish message – keeping the prospect of a January rate cut alive – would likely weaken the USD and lead to a bearish steepening of the US Treasury curve,” the analysts noted.