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Treasury Yields Fluctuate

Published January 9, 2026

U.S. Treasury yields varied early in the week as investors waited for the latest data on private-sector job creation for December. Yields moved higher towards the end of the week after jobless claims increased by less than expected.

On Wednesday, ADP reported that private sector hiring rose slightly less than expected in December, suggesting the labor market remains on relatively steady footing. The payroll processing company detailed that private payrolls increased by 41,000 in December, above the loss of 29,000 in November and below analysts’ expectations of a 48,000 increase.

“We do not see a big uptick in layoffs,” said chief economist at ADP, Dr. Nela Richardson. “I think that puts the Fed in a reasonably balanced risk position in 2026 where they are trying to figure out this muddled middle between sticky inflation and a slowing — but not tanking — labor market.”

The benchmark 10-year Treasury note yield opened the week of January 5 at 4.20% and traded as low as 4.13% on Wednesday. The 30-year Treasury bond opened the week at 4.88% and traded as low as 4.81% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 8,000 to 208,000 for the week ending January 3. This was less than the 210,000 claims that analysts anticipated. Continuing claims increased by 56,000 to 1.91 million. On Friday, the Bureau of Labor Statistics released its monthly jobs report for December which indicated the unemployment rate ticked down to 4.4% in December. The report also noted an increase of 50,000 jobs in December, below economists’ forecasts of 55,000.

“The United States is in a jobless boom," said chief economist at Navy Federal Credit Union, Heather Long. “There was almost no hiring in 2025…we would be talking about job losses in 2025, if it were not for health care and social assistance.”

The 10-year Treasury note yield finished the week of 1/5 at 4.18%, while the 30-year Treasury note yield finished the week at 4.82%.