U.S. government bond yields headed lower Wednesday morning, ahead a report on private sector employment, with quarter-end and month-end positioning being blamed for some of the moves in Treasurys.
Analysts have expressed some uncertainty about what the slippage in yields is signaling, but some have suggested that it implies fixed-income investors are doubtful about the strength of the economic rebound from COVID. The Wall Street Journal wrote that yields on conventional and inflation-protected Treasurys reflect expectations for inflation that aren’t as buoyant as they were in March. Waning fiscal stimulus has been partly blamed for the perception of a slightly less rosy economic outlook, some argue.
Looking ahead, markets are awaiting a reading of private-sector payrolls for June. The Automatic Data Processing Inc.’s June report is due at 8: 15 a.m. Eastern Time.
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