Bonds
Mounting Bets on Extended US Bond Rally Face Jobs-Data Reckoning
A welder works on a structural steel beam during production at a steel facility in West Jordan, Utah.
Photographer: George Frey/BloombergBond traders who rapidly built up long Treasuries positions in recent weeks are counting on Thursday’s jobs report to give the market rally more room to run.
June’s payrolls report, the next major risk event for the bond bulls, is set for release just one day before the Fourth of July holiday. Bullish bond investors have already faced a mini-gut check after Tuesday’s JOLTS job openings report showed an unexpected, steep increase for May — a sign of labor market strength that ignited a bond market selloff.