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US Treasury yields fall as investors digest data

U.S. government debt yields were mostly lower Wednesday as investors switched their focus to new economic data and awaited latest comments from the U.S. Federal Reserve.

The yield on the benchmark 10-year Treasury note fell to 2.326 percent at 2:31 p.m. ET, while the yield on the 30-year Treasury bond was lower at 2.87 percent. Bond yields move inversely to prices.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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On the data front, rising interest rates and rising home prices are cutting into mortgage demand, as fewer consumers have the incentive to refinance or buy a home.

Total mortgage application volume slipped 0.4 percent last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume now stands 24 percent lower than a year ago.

Meanwhile, private payrolls grew by only 135,000 for the month, a sharp decline from the 228,000 in August, according to a report released Wednesday by ADP and Moody's Analytics.

One of the worst hurricane seasons ever put a dent in September hiring, however, the number actually cleared the 125,000 that economists surveyed by Reuters had expected.

The Institute for Supply Management's index registered 59.8 in September, beating estimates of 55.5 from economists polled by Reuters. This represents the highest reading for the service sector index since August 2005 when the index hit 61.3, according to ISM.

In political news, U.S. President Donald Trump will be visiting Las Vegas on Wednesday, in light of the recent massacre which took place in the city. On Sunday, at least 59 people were killed and over 500 injured after a gunman opened fire on thousands of concertgoers at a country music festival.

On the commodities front, oil prices fell Wednesday, as investors were cautious over whether the recent rally seen in crude prices would last.

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