Treasury yields inch higher as investors look ahead to key jobs data

U.S. Treasury yields were higher on Monday as investors anticipate a series of key jobs data to be published throughout the week.

At 4:04 a.m. ET, the 10-year Treasury yield rose by more than two basis points to 4.6%, while the 2-year Treasury was up by less than one basis point to 4.2%.

One basis point is equal to 0.01% and yields and prices move in opposite directions.

Investors are awaiting key jobs data to be published throughout another shortened trading week. The New York Stock Exchange will close trading on Thursday to observe a national day of mourning for the death of former President Jimmy Carter.

On Monday, investors can expect the S&P Global Composite PMI Final for December to be published which will offer insights into the growth of the manufacturing and services sector. Federal Reserve Governor Lisa Cook is set to speak in the morning, which investors will watch closely for hints about the economic outlook for the year.

They will also look to the JOLTs Job Opening data for November on Tuesday, a monthly survey showing the number of job vacancies in the United States. Economists are expecting 7.7 million job openings in November, according to Dow Jones.

Meanwhile, the ADP Employment Change report for December is due on Wednesday, a measure of the change in the number of people employed in the private sector in the U.S. It’s expected to show that 130,000 jobs were added in December, per Dow Jones.

Finally on Friday, the nonfarm payrolls report will be released — one of the last key pieces of data to be published before the Fed meets again at the end of January. The report will show the number of people employed in the U.S. and is a major indicator of the health of the U.S. economy.

The report is forecast to show that the U.S. added 155,000 jobs in December and the unemployment rate remained steady at 4.2%, per Dow Jones estimates.