Bonds & Rates
Yields climb ahead of Friday's jobs report
Treasury yields rise across the curve while bond proxies mostly slip.
Treasury yields move higher across maturities. The 5-year note rises to 4.389%, up 1.5%, the 10-year climbs to 4.67%, up 1.1%, and the 30-year advances to 5.213%, up 0.8%.
The move comes with a crowded macro setup. CNBC says the July jobs numbers are due Friday, and private payrolls already came in at 44,000 in July, below expectations. That keeps labor data at the center of the rate conversation.
Bond proxies are softer. LQD falls 0.4% to 106.36, MUB loses 0.1% to 105.66, and TLT drops 0.6% to 82.52. High yield holds up better, with HYG down just 0.1% and still above its 200-day average.
The rate backdrop remains elevated, but not chaotic. The 10-year and 30-year both stay above their 200-day moving averages, while the 5-year also sits above its 200-day line. That leaves the market trading into the jobs print with yields already near the top of the tape.