U.S. Treasury yields were little changed Monday after falling sharply on Friday in reaction to the April jobs report showing weaker-than-expected payrolls growth.
The yield on the 10-year Treasury was up 1 basis point at 4.51%, while the 2-year Treasury yield added a bit more than 1 basis point, to 4.82%. Yields and prices move in opposite directions. One basis point equals 1/100th of a percent, or 0.01%.
U.S. payrolls rose by just 175,000 last month, the Bureau of Labor Statistics said on Friday, short of the Dow Jones estimate from economists of 240,000. The unemployment rate rose to 3.9%, against an estimate that called for it to hold steady at 3.8%. Wage growth was also less than expected, the report showed.
Uncertainty about how many rate cuts, if any, will take place this year and when they might begin has grown in recent weeks, with many investors now expecting fewer cuts and the cuts not starting until later in the year. Friday’s weak labor report may allow Federal Reserve policymakers to move sooner to cut rates.
Richmond Fed President Tom Barkin and New York Fed President John Williams are both scheduled to speak Monday.
Separately, a New York Federal Reserve survey released Monday showed the share of renters who believe that they one day will be able to afford a home fell to a record low 13.4%. Respondents expected rental costs to increase 9.7% over the next year.
— CNBC’s Jeff Cox and Samantha Subin contributed to this report.