US Bond Market: 30Y bond prices began to bounce before JOLTS data released at 10:00ET but got another push higher as job openings fell to 7.18 mil vs a number closer to 7.4 mil expected. As prices rallied, the 30Y yield fell below 4.90% after flirting with key 5.00% level for last two days. It closed at 4.975% Tuesday. After what looks like short-covering subsided, yield back to ~4.915%. 2/30Y curve took back some of its recent bear steepening. Lots of attention being paid to gold which continues to rally sharply — latest all time high is $3631. It is sending a signal but pros not quite sure what. Also worth remember Tsy to sell $22B reopened bonds next week. The JOLTS data has increased importance of ADP tomorrow and Aug jobs on Friday. While Fed dual mandate is jobs vs inflation, it appears markets think labor market weakness will cause Fed to cut on 9/17.
US Treasuries Better after Soft Job Openings Report — TradingView News
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