U.S. Treasury yields rose Tuesday morning and continued to squander last week’s disappointing job report as the market reopened after Labor Day holidays on Monday.
The yield on the 10-year benchmark Treasury note rose 3 basis points to 1.353% at 3:50 am ET. The yield on the 30-year Treasury bond added almost 3 basis points, advancing to 1.97%. Yields move inversely to prices and a basis point equals 0.01%.
Treasury yields continued to rise on Tuesday, although Friday’s non-farm payroll report fell short of expectations. The job report showed that 235,000 payrolls were created in August, well below the 720,000 jobs forecast by economists.
Weaker data moderated expectations that the Federal Reserve would soon begin to reduce its bond-buying program, as the central bank is monitoring labor market recovery to measure when monetary policy should tighten.
There are no major economic data releases to be released on Tuesday.
Auctions are scheduled for Tuesday for $ 51 billion in 13 weeks, $ 48 billion in 26 weeks, $ 34 billion in 52 weeks, $ 45 billion in 21 days, and $ 58 billion in three years.