(Bloomberg) — Treasury yields are ending the week higher as traders unwind their positioning in anticipation of risks tied to the election, a likely interest-rate cut and a three big debt auctions in the US.
Yields climbed across the curve on Friday, reversing an early decline that came after data showed the economy generated just 12,000 jobs last month amid storms and strikes. Longer-dated yields led the advance in New York afternoon trading, while a key gauge of the dollar headed for its strongest closing level since July.
“This is a time when you’ve got to take a very holistic view,” Mohamed El-Erian, president of Queens’ College, Cambridge and Bloomberg Opinion columnist, said on Bloomberg TV. “We have some major events coming up.”
Traders held tight to expectations that policymakers will cut rates by a quarter-point on Nov. 7 and again on Dec. 18, pricing in 44 basis points by year’s end. They see just under…
