Bond Report: U.S. 10-year yields down for seventh day as fears build of economic downturn

by | Apr 6, 2023 | Stock Market

Bond yields fell on Thursday. with traders wary that looming jobs data will confirm the U.S. economy is cracking under the weight of sharp interest rate increases.What’s happening
The yield on the 2-year Treasury
fell 8 basis points to 3.724%. Yields move in the opposite direction to prices.

The yield on the 10-year Treasury
retreated 3.2 basis points to 3.281%.

The yield on the 30-year Treasury
fell 1.2 basis points to 3.560%.

What’s driving markets The 10-year Treasury yield was in line to post a seventh consecutive session of declines, its longest retreat since March 2020, as investors worry that looming jobs data may confirm a sharper U.S. economic slowdown.

The nonfarm payrolls report for March will be published on Good Friday when there will be an abbreviated Treasury trading session. The survey follows other weak data this week — including a private sector jobs report and a reading of service sector activity — that have cemented the view that the Federal Reserve may have to start cutting interest rates later this year.

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