U.S. Treasury yields hovered close to its highest level since April on Friday as investors awaited the release of key jobs data.
The 10-year Treasury yield was more than 2 basis points higher at 4.7%. The 2-year Treasury was nearly 3 basis points higher at 4.291%. The 10-year Treasury briefly topped 4.7% on Wednesday, which was its highest level since April.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
Investors are anticipating the release of December's nonfarm payrolls reading, which is due to be published at 8:30 a.m. ET. The report is an important indicator of the health of the U.S. economy and will be one of the last key pieces of data to be published ahead of the Federal Reserve's meeting at the end of January. The outcome of the report can influence the Fed's decision on interest rate policy.
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The report is expected to show that the U.S. added 155,000 jobs in December, a decline from the 227,000 jobs added in November's reading, according to economists polled by Dow Jones. Meanwhile, the unemployment rate is projected to hold steady at 4.2%.
Experts are divided on how much of a slowdown there is in hiring, with some on Wall Street expecting the numbers to come in weaker than forecast.
Fed meeting minutes from December, released on Wednesday, showed that officials were worried about inflation and the impact of President-elect Donald Trump's policies, and indicated that they would be moving more slowly on interest rate cuts in 2025.
Money Report
On the data front, things were quiet on Thursday as the New York Stock Exchange was closed to observe a national day of mourning for the late former U.S. President Jimmy Carter. Bond market trading closed early at 2 p.m. ET.
