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US bonds: Treasury yields rise as jobs data, central banks remain center of attention

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Treasury yields rose on Tuesday as investors remained focused on a key jobs report due later in the week and central bank policy in Europe.

The benchmark 10-year Treasury bill yield rose more than 2 basis points to 1.309%. The yield on the 30-year Treasury bill rose more than 2 basis points to 1.925%. Yields move in the opposite direction of prices and 1 basis point equals 0.01%.

Treasury yields were lower earlier in the session but rose following comments from members of the European Central Bank. The euro area recorded its highest inflation rate in a decade.

“The markets were surprised because a few members of the ECB delivered some rather hawkish rhetoric. And that sort of thing has triggered the rise in global bond yields,” said Ed Moya, senior market analyst at Oanda.

The August non-farm payroll report is due for release Friday at 8:30 a.m. ET. Economists polled by Dow Jones predict that 750,000 jobs were created in August and that the unemployment rate fell to 5.2%.

The Federal Reserve is monitoring the labor market recovery to determine when it should tighten monetary policy in the United States.

Fed Chairman Jerome Powell said in a speech at the central bank’s annual symposium in Jackson Hole on Friday that he would likely start cutting bond purchases before the end of the year. However, Powell said interest rate hikes were not imminent as there was still “a long way to go” before the economy reached full employment.

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In terms of data expected on Tuesday, the S & P / Case-Shiller Home Price Index for June set a new record for home prices. The Conference Board’s August survey of consumer confidence found a larger-than-expected drop.

An auction was held on Tuesday for $ 45 billion in 21-day bills.

CNBC’s Yun Li and Jeff Cox contributed to this market report.

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