U.S. Treasury bonds declined and the yield curve steepened on Wednesday after the ADP jobs report, which is viewed as an indicator of the all-important non-farm payrolls, showed a large gain in private payrolls last month.
Five-year, 10-year and 30-year yields rose in the wake of the report, steepening the yield curve, after the data showed a net gain of 281,000 jobs in June, well above analyst estimates. The 10-year yield held near 2.63 percent, while the 30-year yield edged up to 3.46 percent.
Bonds held their losses as Federal Reserve chair Janet Yellen said in a speech that she sawno need "for monetary policy to deviate from a primary focus on attaining price stability and maximum employment, in order to address financial stability concerns."
