US 10-Year Yield Steadies Ahead of More Jobs Data

The yield on the 10-year US Treasury held near 4.22% on Thursday after easing in the prior session, as investors awaited fresh labor market data to guide the outlook for interest rates. Focus turns to the ADP private payrolls report, expected to show softer hiring, along with weekly jobless claims likely to edge higher. The August nonfarm payrolls on Friday will be the key release shaping near-term market direction. On Wednesday, the benchmark yield slipped about 5 basis points after the JOLTS survey showed job openings fell by 176,000 to 7.18 million, the lowest since September 2024 and below forecasts of 7.4 million. Adding to the cautious mood, US factory orders declined for a second consecutive month in July. Markets now price in nearly a 98% chance that the Federal Reserve will cut rates by 25 basis points later this month.