U.S. Treasury yields rose Wednesday morning, ahead of the release of ADP’s August national employment report.
The performance of the 10-year benchmark treasury note added 2 basis points, up 1.327% at 3:50 am ET. The yield on the 30-year Treasury bond rose by almost 2 basis points, to 1.945%. Yields move inversely to prices and a basis point equals 0.01%.
ADP’s monthly employment report, which shows the change in private payrolls, will be released Wednesday at 8:15 a.m. ET.
This comes before Friday of the long-awaited non-farm August payroll report. Dow Jones economists predict that 750,000 jobs will be created in August and the unemployment rate fell to 5.2%.
Investors will study the two reports closely, along with weekly data on unemployment claims, due to the fact that the Federal Reserve is monitoring labor market recovery to assess when monetary policy should tighten.
The final reading of the Markit Manufacturing Purchasing Managers Index for August will be posted at 9:45 am ET. The ISM manufacturing PMI for the month of August should be released at 10 a.m. ET.
A $ 30 billion bill is expected to be auctioned for 119 days.
– CNBC’s Tanaya Macheel contributed to this market report.