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The 10-year yield is up 0.023 percentage points to trade at 4.382%, while the 30-year yield is trading at 4.96%. "4.30%-4.40% has contained much of the price action in the 10-year sector of late," writes Ian Lyngen, head of U.S. rates strategy at BMO Capital.
Treasury yields decline despite higher-than-expected job creation in the U.S. and as President Trump calls a new flareup of hostilities with Iran a "trifle." April payrolls stand at 115,000, slower than March's upwardly revised 185,000 but well above WSJ consensus of 55,000.
Bond yields nearly rose to levels seen in March during the height of fears over the Iran War–but it shouldn’t frighten investors. Much of the gains in yields came ahead of that hour as the Treasury market sold off alongside rising oil prices. Multiple Fed presidents didn’t support the inclusion of an easing bias, or potential lower rates in the future, in the FOMC statement, telling traders the Fed is likely closer to hikes than cuts.
The U.S. debt market selloff picked up after the Fed left rates steady again. The Fed left rates steady but there was a higher level of dissent among participants. Fed governor Stephen Miran has typically dissented, but this time there were also multiple Fed presidents who didn’t support statement language including “an easing bias.”