U.S. Treasury Yields Steady as Market Awaits August Nonfarm Payroll Data

U.S. Treasury yields experienced slight fluctuations on Friday after a period of volatility, with the 10-year Treasury yield remaining essentially flat at 4.76%, having risen 5 basis points over the past five trading days. The market is awaiting the release of the August nonfarm payroll report at 8:30 PM tonight, with expectations of approximately 56,000 new jobs. Earlier this week, soaring energy prices and hawkish comments from Federal Reserve Chair Waller pushed benchmark yields to a three-year high. Subsequently, Fed Governor Waller hinted at a potential slowdown in inflation, leading to a rebound in bond prices and a decline in yields. Florian Ielpo, head of macro at Lombard Odier Investment Management, noted that the Fed's predictability has diminished, increasing market volatility, and the uncertainty surrounding monetary policy is becoming a major source of market fluctuations.

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