News and Insights

U.S. Treasury yields were higher on the final trading day of June as traders digested more jobs data.

The yield on the key 10-year Treasury note — the main benchmark for mortgages, auto loans and credit card debt — rose more than 6 basis points to 4.441%.

The yield on the 2-year Treasury note, which closely tracks short-term Federal Reserve interest rate decisions, advanced more than 4 basis point to 4.152%. The 30-year Treasury yield, which often moves on geopolitical events, was up more than 6 basis points at 4.929%.

One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.

The latest job openings data for May came in at 7.6 million, according to the Bureau of Labor Statistics, That’s above the 7.3 million that economists polled by Dow Jones expected. U.S. job openings rose to 7.6 million in April. That jump meant there were more available jobs than unemployed workers.

Yields were largely unmoved during Monday’s trading session, as investors assessed how the evolving Middle East peace process is shaping inflation expectations.

Oil prices were slightly lower on Tuesday. U.S. West Texas Intermediate futures settled down 1.77% to $69.50 a barrel. Brent crude, the global oil benchmark, closed down 0.31% at $72.92.

With energy costs retreating towards their pre-Iran war levels, traders will turn to key employment data this week to gauge how the U.S. economic and inflation picture is unfolding.

The latest ISM manufacturing PMI data for May are out Wednesday, before June’s unemployment rate and nonfarm payrolls, which are due Thursday.

The Monetary Policy Board, at its meeting held yesterday, decided to increase the Overnight Policy
Rate (OPR) by 100 bps to 8.75%.
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