NEW YORK (CNNMoney.com) -- Treasury prices ended mixed Wednesday as investor appetite for safe-haven assets faded a day after prices surged and the benchmark 10-year note's yield fell to a 14-month low below 3%.
What prices are doing: The 10-year note edged up 3/32 to 104-25/32 and its yield fell to to 2.94% from to 2.96% late Tuesday. Bond prices and yields move in opposite directions.
The 2-year note shed 1/32 to 100-1/32 and its yield was 0.62%. The 2-year note's yield fell Tuesday to 0.59%, a record low. The 30-year bond rose 23/32 to 108-14/32 with a yield of 3.93%.
What's moving the market: Demand for the safety of U.S. government-backed debt was tepid after a report from Automatic Data Processing showed that employers added 13,000 jobs in June.
The gain was significantly below the 61,000 increase that economists surveyed by Briefing.com had forecast.
Investors are awaiting the all-important June jobs report due from the Labor Department Friday. Economists expect employers shed 100,000 jobs during the month, after adding 431,000 in May.
What analysts are saying: "We got glimpse of the jobs picture for the month with the ADP report, which confirms that we're likely to see a weak number in the June jobs report," said Bill Larkin, portfolio manager at Cabot Money Management.
"I think the sentiment that we're amid a slow and long recovery is already priced in, so the benchmark yield will stay under 3% or right around there until the end of the week when we monthly employment report," he said.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.37%||4.31%|
|15 yr fixed||3.40%||3.32%|
|30 yr refi||4.38%||4.31%|
|15 yr refi||3.39%||3.32%|
Today's featured rates:
A court-appointed administrator announced the distribution Friday of $76 million to roughly 27,500 U.S. customers of now-defunct Full Tilt Poker. More
The world is finally paying close attention to Bitcoin, but people are more focused on its creator than the power behind the revolutionary digital currency. More
Maker's Row matches American manufacturers with U.S. companies who want a "Made in the USA" label. More
As free checking disappears from the nation's biggest banks, the accounts remain alive and well at credit unions. More