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The US Treasuries slumped Wednesday as recent data showed that ADP employment estimate came higher than expected in July. Also, investors await the Federal Reserve Bank of Minneapolis President Neel Kashkari speech on Fed structure.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 1 basis point to 1.580 percent, the yield on 5-year note climbed nearly 1 basis point to 1.190 percent and the yield on short-term 2-year note also rose 1 basis point to 0.809 percent by 12:30 GMT.
The ADP employment estimate came in at +177k for July, roughly in line with market expectations for a +175k result, as compared to versus the revised +194k increase seen in July (previous was +179k).
Alongside the supportive ADP headline reading, we anticipate a +180k increase in non-farm payrolls on Friday, coupled with a 4.8 percent headline unemployment rate.
On Tuesday, Fed Vice Chair Fischer, speaking to Bloomberg, said that the rate path depends on the economy and the United States employment is very close to full employment. He further added that the productivity growth is very slow at the moment and world is becoming increasingly interconnected and the Fed is sensitive to what's going on around the world. In respect to rate hike added that he does not think can say 'one and done'.
Meanwhile, the S&P 500 Futures traded 3 points lower at 2,172 by 12:40 GMT.
