U.S. government debt prices moved lower Wednesday morning as investors awaited fresh employment data.
At around 2:20 a.m. ET, the yield on the benchmark 10-year Treasury note rose to 0.6803% while the yield on the 30-year Treasury bond moved higher to 1.4388%. Yields move inversely to prices.
The moves come after the U.S. bond market saw some momentum on Tuesday on the back of solid manufacturing numbers.
However, the focus is now on upcoming employment figures, due to be released at 8:15 a.m. ET. The performance of the labor market is one of the main factors influencing the Fed’s monetary policy decisions.
There will also be factory orders at 9 a.m. ET and the publication of the Beige Book, which sheds light on how the Fed is looking at the economy, at 2 p.m. ET.
Meanwhile, New York Fed President John Williams will give a speech at 10 a.m. ET. Cleveland Fed President Loretta Mester is speaking at 12 p.m ET, followed by Minneapolis Fed President Neel Kashkari and San Francisco Fed President Mary Daly in the afternoon.
There are no Treasury auctions planned.