Traders at work at the New York Stock Exchange on January 21, 2026.
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U.S. Treasury yields initially fell after the unexpectedly lackluster January jobs report, but were little changed Wednesday.
The 10-year Treasury yield rose less than 1 basis point to 4.276%, and the 30-year Treasury yield rose more than 1 basis point to 4.917%. The two-year Treasury yield, which reflects the near-term outlook for Fed policy, fell more than a basis point to 3.559%.
One basis point equals 0.01%, and yields and prices move in opposite directions.
Private companies added just 22,000 job openings last month, down from December’s revised 37,000 increase, according to payroll processor ADP.
The latest ADP numbers show the economy will begin 2026 in essentially the same vein as 2025 ended. This means a lackluster job market with fewer hires and fewer layoffs.
“Today’s update serves as a reminder that the U.S. is still far from a robust job market,” said Brett Kenwell, investment analyst at eToro US.
The ADP report is typically released ahead of the more closely watched Bureau of Labor Statistics’ nonfarm payrolls report, which was normally scheduled to be released this Friday. However, the BLS release was delayed again due to the partial government shutdown.
President Donald Trump signed legislation Tuesday to end the partial shutdown, and the BLS announced Wednesday that the January jobs report will be released next Wednesday, February 11th.
Kenwell added: “The ADP report alone is not and should not be enough to sway Fed policymakers or change interest rate expectations. However, if the January jobs report shows a similar move, it should at least help keep the Fed from taking an overly restrictive stance as the first quarter progresses.”
— With additional reporting by CNBC’s Jeff Cox
