US 10-Year Treasury Bond Yield Falls to 4.36%
The yield on the 10-year US Treasury note fell to 4.36% on Tuesday as markets assessed the outlook on government borrowing against an uncertain macroeconomic backdrop.
According to market updates, demand for US government debt remains robust after a couple of fresh U.S. data reports, keeping Treasury yields down. The bond rally is partly supported by a sequence of trade deals closed with Japan and the European Union, fueling optimism that strengthened the dollar.
Primary dealers for Treasuries expect the US to refrain from increasing auction sizes for the incoming third quarter, in line with their earlier estimates, amid close scrutiny on US borrowing following debt-limit volatility and an expansionary fiscal bill passed by US President Trump.
U.S. yields slipped as Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates ahead of the central bank’s policy meeting.
In the equity market, US stocks swung mostly lower amid a batch of pessimistic earnings reports and concerns that trade turbulence may not have ended. The S&P 500 and the Nasdaq 100 hovered below the flatline after reaching records in morning trading, while the Dow fell more than 150 points.
In the meantime, the US and the EU agreed to loose terms on future trade, but investors stressed uncertainty over disagreements as the counterparties start to discuss finer details to the deal. Wider tariffs, including higher rates on other major US trading partners, are set to be enforced on Friday.
US Fed is expected to hold interest rates unchanged on Wednesday as the pro-inflationary risks from tariffs coincide with evidence of a robust economy, although rate futures reflect bets of two rate cuts this year.
The number of job openings in the US fell by 275,000 to 7.437 million in June 2025, below market expectations of 7.55 million. The number of job openings decreased in accommodation and food services (-308,000), health care and social assistance (-244,000), and finance and insurance (-142,000).
The number of job openings increased in retail trade (+190,000), information (+67,000), and state and local government education (+61,000). The number of job quits in the US fell by 128,000 to 3.142 million in June 2025, down from a downwardly revised 3.270 million in May and below the 3.284 million recorded a year earlier.
It was the lowest level since December 2024. The quits rate—which measures voluntary job departures as a share of total employment—held steady at 2.0%.
The decline in quits was most notable in professional and business services (-114,000), state and local government education (-20,000), and the federal government (-5,000).
Regionally, job quits declined sharply in the South (-136,000) and the Midwest (-39,000), but increased in the West (+42,000) and Northeast (+6,000). The U.S. Treasury plans to auction $65 billion in 17-week bills Wednesday. The debt will settle on Aug. 05, 2025 and will mature Dec. 02, 2025.
The Federal Reserve holds $664 million of maturing securities for its own account. Amounts bid by the Federal Reserve banks for their own account will be in addition to the public offering amount. #US 10-Year Treasury Bond Yield Falls to 4.36% UK Mortgage Reforms to Support Home Ownership, Limited Risk for Lenders
