就业报告发布之际，美联储正在讨论何时以及如何减少每月1，200亿美元的债券购买规模。美联储副主席Richard Clarida周三发表了令一些投资者感到惊讶的鹰派言论，称美联储将在今年晚些时候开始削减债券购买规模，然后在2023年加息。Us Treasuries fell and the yield on the 10-year note was likely to rise for the first time in six weeks as the stronger-than-expected jobs report reinforced expectations that the Fed would reduce stimulus during the epidemic.
The yield on the 10-year Treasury note rose 6 basis points to 1.29 per cent as of New York time. The yield on the five-year note rose 4 basis points to 0.76 per cent after hitting its highest level since July 16. The dollar rose to an one-week high.
The Labor Department's report on Friday showed that non-farm payrolls rose by 943000 in July, compared with an upward revision of 938000 in June. Economists surveyed by Bloomberg expected a median of 870000. The unemployment rate fell to 5.4 per cent in July, the lowest since March 2020.
The jobs report comes as the Fed is discussing when and how to reduce its $120 billion-a-month bond purchases. Fed Vice Chairman Richard Clarida made hawkish remarks on Wednesday that surprised some investors, saying that the Fed would start cutting back on bond purchases later this year and then raise interest rates in 2023.
Wells Fargo BankStrategists Mike Schumacher and Erik Nelson said in a report on Friday that while the "robust" jobs report was not enough to speed up the Fed's downsizing, "it should retain at least some hope of early downsizing in the coming days, which should temporarily support yields and the dollar."
Treasury yields had been falling steadily ahead of Clarida's speech on Wednesday, pushing real yields to record lows amid fears that a resurgence of the epidemic could be a drag on the economic recovery. Since Clarida painted an optimistic outlook, sentiment has begun to shift. The 10-year real yield fell to a record low of-1.22 per cent before he spoke and has since risen 14 basis points.
