The 10-year Treasury yield ticked lower after briefly reaching a new high for the year on Wednesday.
The benchmark rate slipped nearly 2 basis points to 4.349%. At one point, the yield traded at its highest level back to late November.
The 2-year Treasury note yield lost almost 3 basis points, last sitting at 4.674%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
Private payroll data from ADP released Wednesday morning showed more growth than anticipated. Companies added 184,000 workers in March, which was higher than the 155,000 estimate of economists polled by Dow Jones. It also marked the fastest pace of growth since July 2023.
The market moves come as investors track economic data and closely monitor clues from Fed policymakers about the expected number of interest rate cuts in 2024. Traders see a nearly 99% likelihood that rates remain unchanged at the Fed’s May policy meeting, according to the CME…
