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US 10Y Hits 3% After Strong ADP

The yield on the benchmark 10-year Treasury note hit 3 percent Wednesday morning after data showed private payrolls increased more than expected last month.

Wall Street also awaited the latest monetary policy decision from the Federal Reserve, due out at 2 p.m. ET.

Jobs in the U.S. increased by 219,000 in July thanks to more hiring as companies got a boost from lower corporate taxes, according to ADP and Moody’s Analytics. Economists polled by Reuters had predicted a gain of 185,000.

July’s job gains were the best since February, when 241,000 jobs were added. Jobs growth for the previous month was also revised up to 181,000 from 177,000.

The yield on the 10-year Treasury note was 4 basis points higher at 3.01 percent at 9:19 a.m. ET, while the yield on the 30-year Treasury bond up 5 basis points at 3.137 percent. Bond yields move inversely to prices.


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