Treasury yields search for direction ahead of job openings data

U.S. Treasury yields were relatively flat early on Tuesday, ahead of the release of August’s Job Openings and Labor Turnover Survey later in the morning.

The yield on the benchmark 10-year Treasury note ticked higher to 1.6137% at 4 a.m. ET. The yield on the 30-year Treasury bond gave up less than a basis point, falling to 2.1560%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

The August JOLTS data is due out at 10 a.m. ET on Tuesday. Investors will be keeping a close eye on the data, particularly given Friday’s weaker-than-expected nonfarm payrolls report, with just 194,000 jobs added in September.

The jobs data comes ahead of the release of the minutes from the Federal Reserve’s latest policy meeting, set to come out at 2 p.m. ET on Wednesday, which investors will pore over for clues as to the central bank’s timeline on tapering its bond buying program.

Prior to that, September’s core inflation rate is due out at 8:30 a.m. ET on Wednesday, which could also influence when the Fed decides to pull back its emergency stimulus measures.

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Meanwhile, Fed Vice Chair Richard Clarida is due to make a speech on the economic outlook for the U.S. and monetary policy at the Institute of International Finance Annual Meeting, at 11:15 a.m. ET on Tuesday.

Auctions are scheduled to be held on Tuesday for $42 billion of 13-week bills, $42 billion of 26-week bills, $58 billion of 3-year notes and $38 billion of 10-year notes.

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