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Treasuries Extend Upward Move, Pushing Ten-Year Yield Below 1 4%

Treasuries Extend Upward Move, Pushing Ten-Year Yield Below 1.4% Extending the upward move seen last week, treasuries moved notably higher over the course of the trading day on Tuesday. Bond prices moved to the upside early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.1 basis points to 1.370 percent. With the notable decrease on the day, the ten-year yield ended the session at its lowest closing level in well over four months. The strength among treasuries came after the Institute for Supply Management released a report showing its reading on service sector activity pulled back off a record high in June.

U S Services Sector Slows in June Amid Cooling Demand and Labor Shortages — ISM

Provided by Dow Jones By Xavier Fontdegloria Activity in the U.S. service sector continued to grow at a high pace in June, but the growth rate eased compared with the previous month as demand slowed and firms struggled to find candidates to fill open positions. The ISM Services Report on Business PMI decreased to 60.1 in June from the 64.0 record-high registered in May, according to data from a survey compiled by the Institute for Supply Management released Tuesday. Economists polled by The Wall Street Journal forecast the PMI to come in at 63.3. The rate of expansion in the services sector remains strong, despite the slight pullback in the rate of growth from the previous month s all-time high, said Anthony Nieves, chair of the ISM Services Business Survey Committee.

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