Treasury Yields Drop After Weaker-Than-Expected Jobs Data

Treasury yields fell from multiyear highs after ADP report showed tentative signs of weakening labor market.

10-year Treasury yield dropped 5 basis points to 4.763% following data release. Earlier reached 4.884%, highest since 2007.

30-year yield slid 6 basis points to 4.878% after briefly trading above 5%, also highest since 2007.

ADP said September job growth totaled just 89,000, sharply below 160,000 estimate.

Data provides sign tight labor market could be loosening, raising hope Fed may stop raising rates soon.