The 10-year Treasury yield is down by 1 basis point to 4.086% on Tuesday as traders prepare for a series of jobs and inflation data.
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On Wednesday, ADP will release its November Employment Report, which shows the number of jobs private employers added or cut based on payroll data. The next day, the Department of Labor will publish initial and continuing jobless claims, providing a gauge of layoffs and hiring. Finally, the Bureau of Economic Analysis will release September’s personal consumption expenditures (PCE) index on Friday, which was delayed due to the government shutdown.
Trump to Announce Fed Chair Pick ‘Early Next Year’
President Trump said on Tuesday that he would likely announce his Fed Chair nominee “early next year.” Betting markets heavily favor National Economic Council Director Kevin Hassett, who could bring a shift to monetary policy with a dovish stance.
The policies of the new Fed Chair will affect the 10-year yield, which is influenced by the market’s outlook on economic growth, inflation, and Fed policy. The yield could decrease if the central bank signals rate cuts in light of a weakening economy or labor market.
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