The 10-year Treasury yield was little changed Monday as investors assessed the state of the U.S. economy and weighed the impact of President Donald Trump’s latest tariff rates.
The benchmark 10-year note yield was down more than 2 basis points at 4.198%, while the 30-year bond was lower by less than 2 basis points at 4.795%. The 2-year Treasury note yield also fell 1 basis point to 3.694%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
July’s weaker-than-expected jobs report and downward revision to the prior two months still loomed over the market, as investors worried about the impact of a weakened labor market on the economy. The Bureau of Labor Statistics revised down the total jobs figures for May and June, slashing a combined 258,000 from what had been previously reported.
Trump then fired BLS commissioner Erika McEntarfer, accusing her of political bias and data manipulation.
The same day, Federal Reserve Governor Adriana Kugler announced she’s resigning effective at the end of this week, which will enable President Trump to put forward a nominee for the board at a time when he’s pushing for lower interest rates.
Investors are also monitoring trade developments after Trump signed an executive order last Thursday raising tariffs on dozens of countries at rates ranging from 10% to 41%.
Few fireworks are expected from this week’s economic data. The purchasing managers’ index for July is released on Tuesday, and weekly initial jobless claims on Thursday.
Those releases come after June’s factory orders reported earlier Monday showed a 4.8% decline. Economists polled by Dow Jones had called for about a 5% decrease.
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