Traders work on the New York Stock Exchange (NYSE) floor on September 13, 2024, in New York City.
Treasury yields were last higher on Wednesday as investors considered the state of the U.S. economy and eyed the latest developments in the Middle East.
The 10-year Treasury yield added more than 3 basis points to 3.781%. The yield on the 2-year Treasury was last less than 2 basis points higher at 3.635%.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
Investors parsed through fresh economy data as they assessed the state of the economy in the U.S. ADP data released Wednesday reflected stronger-than-expected private payroll growth in September.
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That comes before the all-important September jobs report from the U.S. Labor Department's statistics bureau due on Friday. The data could significantly impact the path ahead for Federal Reserve monetary policy, especially interest rates.
Fed Chairman Jerome Powell earlier in the week indicated two more rate cuts in 25 basis point increments could come from the Fed this year if economic data remained consistent. Powell also said that the recent 50 basis point rate cut from the Fed should not be taken as a signal that the central bank will continue cutting rates aggressively.
Investors also continued to weigh rising tensions in the Middle East and what the situation could mean for global markets and trading. Iran on Tuesday launched a ballistic missile attack on Israel, which came soon after Israel deployed ground forces into south Lebanon as tensions in the region escalated.
Money Report
Treasury yields had pulled back Tuesday as investors looked to them for safety among the developments in the region.
