US Treasury Yield Notes

Between August 5 and August 21, bond yields for US treasuries of 2 year duration or longer all rose.

The period between August 21 and September 2 was very painful for 30-year long bond holders but favorable for the rest.

Starting September 2, there was a bond market rally across the board.

Treasury Yield Changes Since September 2

What Happened?

The ISM report on September 2 showed weak hiring.

The BLS JOLTS repot on September 3 revealed unemployment was above job openings for the first time since the pandemic.

The ADP report on September 4 was weak, especially small businesses.

The nonfarm payroll report on September 5 was a disaster.

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