U.S. Treasury yields rose on Wednesday as investors bet that Friday's highly anticipated payrolls number will come in relatively strong, after an employment report on Wednesday was near analysts' expectations. U.S. private employers added 175,000 jobs in January, the ADP National Employment Report showed on Wednesday.
Economists surveyed by Reuters expect that Friday's jobs data will show that employers added 185,000 jobs in January.
"There is a bit of pent up selling pressure, there has been nothing but rallies over the last few weeks and I think this is the result of people looking forward to non-farm payrolls," said Aaron Kohli, an interest rate strategist at BNP Paribas in New York, adding that "rates have baked in a lot of negativity."
Benchmark 10-year Treasury yields were last 2.672 percent, after falling from more than 3 percent at the beginning of the year as investors flee emerging market assets and stocks tumble, increasing the safe-haven demand for U.S. government debt.
The 10-year notes have struggled to stay below yields of 2.60 percent, however, as investors that expect yields could rise on stronger economic momentum are reticent to buy at the lower yields.
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"I think that most participants are looking for a stronger number, mainly so they can buy at higher yields," said Thomas di Galoma, co-head of fixed-income rates at ED&F Man Capital in New York.
Weakening economic data has increased speculation that the Federal Reserve may slow or cease reductions in its bond purchase program if the economy worsens, though many see data as needing to weaken considerably from current levels to alter the Fed's plans.