Bond yields fall on Friday; many remain up over week
by Elaine Frei
Yields on government bonds were down on Friday, but yields on several issues were higher for the week.
Bond prices in the United States benefited from new employment figures issued by the Department of Labor that showed 121,000 new jobs created in the US in June. This was up from the 92,000 new jobs that were created in May but much lower than the 200,000 new jobs that had been predicted for June in the wake of a private report issued Wednesday. That report, from payroll services company ADP had said that nearly 400,000 jobs had been created during the month. However, the hope that these numbers would help the US Federal Reserve to pause in its series of interest rate hikes was tempered by the report that wage inflation was up by its fastest rate since 2001.
In afternoon trade in New York, two-year Treasury bonds were down 3.4 basis points to a yield of 5.183 percent, still a gain of 2.1 basis points for the week. Meanwhile, ten-year bonds were 5.7 basis points lower to 5.128 percent, a drop of 1.7 percent during the week.
US news on employment also helped Eurozone bonds. The two-year Schatz dropped 3.3 basis points to 3.604 percent, still up 3 basis points on the week, while the ten-year Bund was down 6 basis points to yield 4.056 percent. The Bund remained up 0.2 basis points for the week.
In the UK, the two-year gilt dropped 4.7 basis points over the week to yield 4.171 percent, while the ten-year gilt was yielding 4.639 percent, a decline of 5.6 basis points during the week.
In Japan, the ten-year government bond was down on Friday as well, but at a yield of 1.960 percent was up 1 basis point on the week.
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