Treasury yields climbed higher on Thursday as markets remained uncertain about the outlook for inflation and what this means for Federal Reserve policy.
An unexpected fall in job openings, announced on Tuesday, led investors to believe the U.S. labor gap may be starting to close. The growing gap was one of the key drivers of rising inflation as it drove up salaries.
ADP payroll data revealed on Wednesday that private companies added 8,000 more jobs than anticipated in September. More labor market data is expected to be published throughout the week, with weekly initial jobless claims on Thursday and Friday seeing the release of unemployment and non-farms payroll numbers for September.
Investors are looking for indications about Federal Reserve policy, specifically whether the central bank will continue to hike interest rates. Fears about rate hikes dragging the U.S. economy into a recession have been growing.
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