US treasury yields rise on strong jobs data

US Treasury yields rose today, July 24, supported by stronger-than-expected labor market data and easing concerns over the future of Federal Reserve Chair Jerome Powell.

The two-year Treasury yield, which is more sensitive to monetary policy changes, rose 4.5 basis points to 3.929% at 4:28 p.m. Makkah time. The 10-year yield climbed 5 basis points to 4.438%, while the 30-year yield added 3.5 basis points to 4.984%.

US jobless claims declined by 4,000 to 217,000 for the week ending July 19, defying forecasts for an increase to 227,000, according to Labor Department data released today.

Meanwhile, Treasury Secretary Scott Bessent said there is no immediate need for Powell to resign. Trump also signaled he no longer intends to remove Powell, saying he “will be gone soon anyway.”

Trump visited the Federal Reserve headquarters today, the first such visit by a US president in nearly two decades, amid continued pressure on Powell’s leadership.