Treasury yields rise after ADP reports hiring slowdown in August

U.S. Treasury yields were little changed on Wednesday after ADP reported a slowdown in hiring for the month of August

The yield on the 10-year note rose 7 basis points to 3.181%, after beginning the month at about 2.6%. The yield on the 30-year Treasury bond was up 6 basis points to 3.287%. 

Meanwhile, the yield on the 2-year Treasury note moved 1 basis point higher to 3.485%, after it reached a near-15-year high of 3.497% in the previous day. 

Yields move inversely to prices, and a basis point is equal to 0.01%.


On Wednesday ADP's monthly payroll report showed private payrolls grew by just 132,000 for the month, compared to July's gain of 270,000. The Dow Jones estimate for the ADP count was 300,000. ADP's report had been on public hiatus through the latter part of the summer as the firm adjusted methodology.

Investors also continued to assess U.S. labor data released Tuesday, which showed there were nearly 1 million more job openings than expected in July.

It follows a Friday speech by U.S. Federal Reserve Chair Jerome Powell in which he said the central bank was willing to cause "some pain" to the economy to tame inflation. 

The potential for aggressive monetary tightening has sparked a sell-off in U.S. equities, with the major stock market averages extending declines on Tuesday from the previous two sessions. 

Overseas, China's manufacturing Purchasing Managers' Index for August beat expectations slightly but contracted for the second consecutive month. 

Meanwhile, flash figures put euro zone inflation at a new record high of 9.1% in August, driven by soaring energy prices.

— CNBC's Jeff Cox contributed to this report.