U.S. 10-Year Treasury Yield Rise Clusters Around Payrolls, Fed Speeches
About 90% of the increase since August 2020 occurred within three-day windows surrounding nonfarm payrolls reports and speeches by important Federal Reserve officials.
About 90% of the rise in the U.S. 10-year Treasury’s nominal yield since August 2020 occurred within three-day windows surrounding nonfarm payrolls reports and speeches by important Federal Reserve officials.
The finding covers the past six years, with most of the rise in the U.S. 10-year Treasury’s nominal yield occurring around nonfarm payrolls reports and important Federal Reserve officials’ speeches.
The analysis was conducted by Paul Beaudry, a professor at the University of British Columbia’s Vancouver School of Economics; Paolo Cavallino of the Bank for International Settlements; and Tim Willems of the Bank of England.
