U.S. Treasury yields fell on Wednesday as investors awaited the release of the delayed January jobs report.
As of 6:12 a.m. ET, the yield on the 10-year Treasury note was down 1 basis point to 4.135%, and the yield on the 30-year Treasury note was down 1 basis point at 4.779%. The yield on two-year government bonds fell less than 1 basis point to 3.45%.
One basis point equals 0.01%, and yields and prices move in opposite directions.
Investors are looking forward to the January nonfarm payrolls report to be released by the Bureau of Labor Statistics at 8:30 a.m. ET on Wednesday. The report was delayed by five days due to the partial U.S. government shutdown that ended on February 3.
January’s jobs report is expected to show little growth, with the Dow Jones Consensus officially predicting payrolls will increase by 55,000, following December’s 55,000 increase. The unemployment rate is expected to be 4.4%, and annual wage growth is expected to be 3.7%.
Some on Wall Street are predicting lower numbers, such as Goldman Sachs, which predicts a pay increase of just 45,000.
Investors are also keeping an eye on Friday’s release of the consumer price index, a key inflation measure.
