Bond Yields Surge as Job Data Unveils, US-German Yield Spread Widens

The 10-year Treasury yield reached its highest level since November 2022 as Treasury yields rose following stronger-than-expected private sector job gains reported by ADP. Despite the Federal Reserve's efforts to combat high inflation by raising interest rates, the job market has remained resilient. Traders are awaiting Friday's U.S. employment report to gauge the strength of the job market and determine if the Fed will further increase interest rates. Stock markets declined, with the Dow Jones Industrial Average dropping 0.5%, the S&P 500 declining 1%, and the Nasdaq Composite falling 1.7%.