February 3, 2023

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U.S. yields advance to two-week highs after solid nonfarm payrolls data

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NEW YORK — U.S. Treasury yields rose to

two-week highs on Friday after data showed the world’s largest

economy created more jobs than expected last month, putting the

Federal Reserve on track to raise interest rates by half a

percentage point a few more times this year.

U.S. yields from one-year notes to 30-year bonds all climbed

to two-week peaks in the wake of the better-than-expected

nonfarm payrolls report.

Data showed U.S. nonfarm payrolls increased by 390,000 jobs

in May. The numbers for April were revised higher to show

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payrolls rising by 436,000 jobs instead of 428,000 as previously


Economists polled by Reuters had forecast payrolls

increasing by 325,000 jobs last month. Estimates ranged from as

low as 250,000 jobs added to as high as 477,000.

“Overall this is a solid report, the Fed decision was

already a done deal so it is not like this is really going to

matter for that,” said Shawn Cruz, head trading strategist, at

TD Ameritrade in Chicago.

“This was more about what does this tell us about underlying

demand, the economy’s ability to handle everything going on and

are we going to see leveling off in any major sector in a big

way. But we didn’t really see any of this, there was leisure and

hospitality was up, professional and business services,

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transportation and warehousing, so this was a good report that

shows the general populace is going back into the labor force.”

The yield curve steepened with the spread between U.S.

two-year and 10-year yields widening to 29.8 basis points


In early morning trading, the U.S….


2022-06-03 09:08:06

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