10-year Treasury yield rises after ADP jobs data tops expectations

The benchmark rate added more than 3 basis points to 4.399%. The 10-year Treasury note briefly broke above 4.4% in intraday trade on Tuesday to notch its highest level since late November.Yields and prices move in opposite directions, and one basis point equals 0.01%.Companies added 184,000 workers in March, which was higher than the 155,000 estimate of economists polled by Dow Jones. It also marked the fastest pace of growth since July 2023.

The market moves come as investors track economic data and closely monitor clues from Fed policymakers about the expected number of interest rate cuts in 2024. Traders are pricing in a roughly 62% chance of a first Fed rate cut taking place in June, according to thehe only sees one rate cut this year, occurring in the fourth quarter. He's one of several central bank officials including Chair Jerome Powell expected to speak at events around the country on Wednesday.

Last month, the U.S. central bank met expectations and left monetary policy unchanged for the fifth consecutive time, keeping its benchmark overnight borrowing rate in a range of 5.25%-5.5%. The Fed also signaled at the time that it still expects three quarter-percentage point cuts by the end of the year.

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