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US Treasury yields topped 1.6% on Friday, as investors awaited a key jobs report for clues to the Federal Reserve’s monetary policy stance.
The benchmark 10-year Treasury bond yield rose to 1.601% on Friday morning, before declining slightly to 1.598% at 5:20 a.m. ET. The yield on 30-year Treasury bonds also climbed to around 2.157%, before declining slightly. Yields move in the opposite direction to prices.
On the data front, investors should watch Friday’s 8:30 am ET nonfarm wage report closely. September’s numbers represent a key indicator for the Federal Reserve as it prepares to slow down its $ 120 billion-per-month bond buying program.
Economists polled by Dow Jones expect data on non-farm wages to show that the US economy created 500,000 jobs in September. This follows a big misfire in August when only 235,000 jobs were created against a consensus forecast of 720,000.
Unemployment rate figures and average hourly wage data for September are both expected to be released at the same time.
Wholesale trade inventory data for August is expected to be released at 10 a.m. ET.
In addition, the president of the Federal Reserve Bank of Dallas, Robert Kaplan, is due to retire on Friday, replaced by interim by the first vice-president of the Fed of Dallas, Meredith Black.
Kaplan announced his retirement last week, stepping down following a recent controversy over the stock transactions he made.
No auction is scheduled for Friday.
– CNBC’s Elliot Smith contributed to this report.
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