Hiring Gauge Spurs Treasury Yields to Major Two-Day Drop
- Bond rally will be tested next by May employment data
- Oil price slide provides additional impetus for bond gains
Upcoming job openings data will show hiring slowed for a second month in April, according to the median estimate in a Bloomberg survey.
Photographer: Stephen B. Morton/BloombergThis article is for subscribers only.
A global bond rally gathered pace Tuesday, with some Treasury benchmark yields registering their largest two-day declines this year, amid signs of a cooling US economy.
A slide of at least 15 basis points so far this week was the story for five, 10-, and 30-year Treasury yields. Sparked by weakness in a manufacturing gauge Monday, the rally was revived by a bigger-than-expected slide in US job openings Tuesday. Yields were near session lows last seen in mid-May during New York afternoon trading.