Treasuries Rebound After Job Openings Data Confirm Slowdown

Treasury yields declined Wednesday after a weaker-than-expected report on hiring and firing by US employers in July caused traders to almost fully price in a Federal Reserve interest-rate cut this month.

Contracts for predicting Fed moves priced in about 95% of a quarter-point rate cut this month and ramped up wagers on at least two cuts by year end after the JOLTS report showed that job openings declined more than estimated while layoffs exceeded the median survey response.