Investors await labor data and Fed speeches

The benchmark U.S. 10-year Treasury yield edged higher on Tuesday as investors await data that will offer insights about the strength of the U.S. economy.

The 10-year Treasury yield rose 2 basis points to 4.215% at 4:50 a.m. ET while the yield on the 2-year Treasury dipped 1 basis point to trade at 4.186%.

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

On the data front, market participants will monitor the Labor Department’s Job Openings and Labor Turnover Survey for October on Tuesday morning. The report, which is scheduled to be released at 10 a.m. ET, will provide estimates for the number of job openings, hires, layoffs and quits.

Investors will also scrutinize comments from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee on Tuesday for hints on interest rate policy.

The November jobs report will be published on Friday and is expected to show that the U.S. economy added 214,000 jobs last month, according to economists polled by Dow Jones, up from 12,000 jobs in October. The unemployment rate is expected to land at 4.2%, per Dow Jones. That’s up from 4.1% in the prior month.

The jobs report is important for investors as it will be the last major look at the labor market before the Fed’s Dec. 17-18 meeting, where it will decide on how much to cut interest rates.

— CNBC’s Lisa Kailai Han and Sawdah Bhaimiya contributed to this report.

Source link

Leave a Comment