US yields rise on strong data amid supply
Live Mint* US job openings grow, exceeding forecasts * Market anticipates Fed rate cuts will be less than previously expected * Fiscal trajectory has pushed up long-term yields By Karen Brettell NEW YORK, Jan 7 - Benchmark 10-year Treasury yields hit an eight-month high on Tuesday after better than expected data pointed to a strong economy and as the Treasury auctioned $39 billion of the notes to average demand. Thirty-year Treasury yields rose 7.5 basis points to 4.913% and reached 4.926%, the highest since Nov. 2023. Heavy corporate debt issuance is Treasury yields have increased despite the Federal Reserve cutting interest rates by 100 basis points since September. “The market is really pricing for a higher terminal rate…right around 4% is where we're at right now and that's only 25 basis points from where the funds rate is now,” said Dan Mulholland, head of rates – trading and sales at Crews & Associates in New York.