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Contestants in the men's race chase a cheese down the steep gradient of Cooper's Hill during the annual Bank Holiday tradition of cheese-rolling on May 27, 2013 in Brockworth, Gloucestershire, England.
The report caused traders to price in a rate hike with 100% certainty, according to Bloomberg's World Interest Rate Probability.
And that's what is pushing up yields across the curve.
Here's a look at the scoreboard as of 10:21 a.m. ET:
- 2-year +3.1 bps @ 1.358%
- 3-year +4.3 bps @ 1.673%
- 5-year +4.3 bps @ 2.093%
- 7-year +4.7 bps @ 2.389%
- 10-year +4.4 bps @ 2.561%
- 30-year +3.4 bps @ 3.155%
Yields are higher by as much as 5 basis points with the belly of the curve seeing the biggest impact. The benchmark 10-year yield is at its highest level since in more than two months, when it topped out at 2.64% about five weeks after Trump's election victory.
Wednesday's selling has caused bear flattening (Shorter-dated yields going up faster than longer-dated yields) along the yield curve with the 5-30-year spread pressing to 106 bps and holding near its flattest levels since September. A move below 105 bps will have the curve at its tightest level since 2007.
