10-year Treasury yield rises above 4.3% as traders ignore noisy jobs report

10-year Treasury yield rises above 4.3% as traders ignore noisy jobs report


The yield on the 10-year Treasury rose as traders downplayed October jobs data showing meager job growth that was hurt by hurricanes and striking workers, and was far below what Wall Street was expecting.

The 10-year Treasury yield jumped nearly 10 basis points at 4.382%. The 2-year Treasury yield was higher by 5 basis points at 4.216%. The uptick in yields marks a continuation of their recent rebound from October.

Yields and prices move in opposite directions. One basis point equals 0.01%.

The October nonfarm payrolls report showed a gain of just 12,000 jobs for the month. Economists surveyed by Dow Jones were expecting growth of 100,000 jobs.

The Bureau of Labor Statistics cautioned that the report was influenced by hurricanes and the strike at Boeing. Those complications may have dampened the reaction to the miss among traders.

The unemployment rate held steady at 4.1%.

The murky jobs report could play a role in next week’s meeting of Federal Reserve officials, where the central bank will decide how to follow up September’s 50 basis point rate cut.

“While the Fed will likely attribute some of the weakness in today’s data to one-off factors, the softness in today’s data argues for the Fed to continue its easing cycle at next week[‘s] meeting. Stormy numbers but sky clearing for November 25 bp cut,” Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management, said in a statement.

Investors this week have weighed a series of key economic reports published throughout the week, including Thursday’s personal consumption expenditures price index, the Fed’s favored inflation gauge.

The index rose 2.1% in September on an annual basis and 0.2% from the previous month. Both of those readings were in line with expectations of economists polled by Dow Jones.

The PCE was the last key inflation insight due to be published before the Fed makes its next interest rate decision on Nov. 7. LSEG data showed that markets were last widely pricing in a 25 basis point rate cut from the central bank then.



Source

European stocks open lower with EU tariff letter expected from White House
World

European stocks open lower with EU tariff letter expected from White House

BP flags lower gas, oil sales and impairment of up to $1.5 billion A electric pylon passed behind the BP logo displayed outside a petrol station that also offers electric vehicle recharging in Trowbridge in Somerset, England, on March 15, 2025. Anna Barclay | Getty Images News | Getty Images British oil major BP on […]

Read More
UK economy contracts again in May, missing expectations for slight rebound
World

UK economy contracts again in May, missing expectations for slight rebound

London. Dukas | Universal Images Group | Getty Images The U.K. economy shrank again in May, data showed Friday. The latest monthly growth figures from the Office for National Statistics showed U.K. gross domestic product (GDP) contracted 0.1% month-on-month in May. Analysts polled by Reuters had expected a 0.1% expansion. The latest data follows a […]

Read More
This CEO’s startup has raised  million and is backed by Sundar Pichai. He shares his ‘superpower’ tip for aspiring entrepreneurs
World

This CEO’s startup has raised $92 million and is backed by Sundar Pichai. He shares his ‘superpower’ tip for aspiring entrepreneurs

Caesar Sengupta, co-founder and CEO of Arta Finance. Courtesy of Arta Finance Given the ups and downs of the startup journey, the biggest “superpower” that entrepreneurs can have is the ability to ground themselves, said Caesar Sengupta, co-founder and CEO of fintech startup Arta Finance. “There’s so much noise in the world,” Sengupta told CNBC […]

Read More