Bond Selloff Halts Ahead Of NFP – US Market Wrap
The world’s biggest bond market halted a selloff that roiled trading around the globe, with investors gearing up for jobs data that will help shape the outlook for Federal Reserve rates.
Treasuries stabilized after a rout that drove 30-year yields to the highest since 2023. The bond market closed at 2 PM ET in observance of a national day of mourning for former President Jimmy Carter. US stock markets were shut. Meantime, the pound slipped to a more than one-year low and gilts sank on concern the Labour government will struggle to keep the deficit in check as borrowing costs surge.
The yield on 10-year Treasuries was little changed at 4.69%. The dollar edged up. After a strong start to the new year that saw Bitcoin retake the $100,000 level, the original digital asset fell to its lowest level this year as it struggles to maintain momentum.
