US 10-Year Bond Yield Drops to Over 5-Month Low
On Wednesday, the yield on the U.S. 10-year Treasury note decreased to approximately 4.1%, marking its lowest point since October 18. This movement occurred as traders anticipated more information regarding U.S. President Donald Trump's tariff strategies and processed an unexpectedly robust ADP employment report. Speculation suggests that the Trump administration is considering implementing a broad 20% tariff on most imports, although precise details and the extent of these tariffs remain unclear. While the White House has confirmed that these tariffs will be enacted immediately, it stressed that President Trump is still open to additional negotiations. Concurrently, the ADP data revealed that U.S. private employers added 155,000 jobs in March, exceeding expectations of 105,000. Both the service and goods-producing sectors contributed to these significant gains. On Tuesday, other reports highlighted that, according to the ISM PMI, U.S. manufacturing activity contracted in March and job vacancies fell more than anticipated in February. Investors are now shifting their focus to the nonfarm payrolls report due on Friday for more insights into the Federal Reserve's policy direction.
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