U.S. Treasury yields were little changed on Thursday after a retreat in the previous session, as investors anticipated further jobs data.
At 5:05 a.m. ET, the 30-year Treasury bond held steady at 4.885% while the benchmark 10-year Treasury was down less than one basis point at 4.2%. The 2-year Treasury was also down less than a basis point at 3.6%. One basis point equals 0.01% and yields and prices move in opposite directions.
On Wednesday, the 30-year yield briefly topped 5% before pulling back on weaker jobs data later in the day.
Investors are awaiting more labor market data on Thursday, with the ADP private payrolls report for July set to be released in the morning, and expected to show a softer print. Economists polled by Dow Jones forecast private employers added 75,000 jobs in August, down from 104,000 jobs previously.
Weekly initial jobless claims are also due and are expected to show a slight uptick. The number of first-time applicants for unemployment insurance is set to total 230,000 for the week ending Aug. 30, according to Dow Jones consensus estimates. That would be up from 229,000 previously.
Investors will then turn their attention to Friday’s big jobs report.
The 30-year Treasury yield started its recent march higher after a federal appeals court ruled that most of President Donald Trump’s reciprocal tariffs are illegal, which could force Washington to refund billions of dollars raised from the duties. Concerns around the independence of the Federal Reserve had also weighed on bond prices.