U.S. Treasury yields rose on Tuesday morning, continuing to shrug off last week’s disappointing jobs report, as the market opened back up after the Labor Day holiday on Monday.
The yield on the benchmark 10-year Treasury note rose 3 basis points to 1.353% at 3:50 a.m. ET. The yield on the 30-year Treasury bond added nearly 3 basis points, advancing to 1.97%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Treasury yields continued to climb on Tuesday, despite Friday’s nonfarm payrolls report coming in short of expectations. The jobs report showed 235,000 payrolls were created in August, well below the 720,000 jobs forecast by economists.
The weaker data tempered expectations that the Federal Reserve would soon start tapering its bond buying program, given that the central bank is monitoring the recovery in the labor market to gauge when it should tighten monetary policy.
There are no major economic data releases due out on Tuesday.
Auctions are scheduled to be held on Tuesday for $51 billion of 13-week bills, $48 billion of 26-week bills, $34 billion of 52-week bills, $45 billion of 21-day bills and $58 billion of 3-year notes.
