The 10-year Treasury yield rose 6 basis points to 4.954% as stronger economic data and uncertainty over midterm election results kept investors focused on bonds. The 30-year yield rose 5.5 basis points to 5.324%, and the two-year yield rose 4.6 basis points to 4.629%.
Longer-dated US Treasury yields rose as investors awaited midterm election results, monitored economic data and watched for progress in Middle East diplomacy. Yields briefly pared gains after oil futures turned lower, then rose again following stronger-than-expected labor market data.
US job openings increased sharply in September while layoffs fell, supporting views that the labor market remained on firmer footing despite tepid employment gains that month. Investors were hesitant to take positions ahead of election results expected to determine control of Congress; one money manager said the outcome could help clarify the outlook for fiscal policy, debt limits and Treasury supply.
The 10-year yield rose 6 basis points to 4.954%, while the 30-year yield gained 5.5 basis points to 5.324%. The two-year yield rose 4.6 basis points to 4.629%, and the gap between two- and 10-year yields stood at a positive 32.3 basis points.
