Benchmark Treasury yields were flat on the final trading day of June as investors watched easing oil prices and prepared for JOLTS, ISM manufacturing and payrolls data later this week.
U.S. Treasury yields were largely unchanged on the final trading day of June as investors looked ahead to a run of U.S. economic data that could shape expectations for growth, inflation and Federal Reserve policy. The 10-year Treasury yield, a benchmark for borrowing costs across mortgages, auto loans and credit cards, was steady at 4.3646%, while the 2-year yield, which is closely tied to expectations for short-term Fed rates, held at 4.1044%. The 30-year Treasury yield was also flat at 4.8522%. Trading was subdued as markets weighed how the evolving Middle East peace process could influence inflation expectations through energy prices. Oil edged lower, with U.S. West Texas Intermediate futures down 0.18% at $70.62 a barrel and Brent crude down 0.34% at $72.90, bringing energy costs closer to levels seen before the Iran conflict. Attention is now turning to labor-market and manufacturing data. May JOLTS job openings are expected at 7.3 million after rising by 731,000 to 7.6 million in April, the highest level since May 2024 and a gain that left available jobs outnumbering unemployed workers. ISM manufacturing PMI data for May are due Wednesday, followed by June unemployment and nonfarm payrolls figures on Thursday. One basis point equals 0.01%, and bond yields move inversely to prices.