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US jobs data in focus

The U.S. 10-year Treasury yield rose Friday as investors looked ahead to employment data due later in the session.

The yield on the benchmark 10-year Treasury note climbed 0.1 basis points to 2.9168% by 3:30 a.m. ET. The yield on the 30-year Treasury bond moved slightly higher to 3.0821%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Data on Thursday showed private sector employment rose by just 128,000 in May, payroll processing firm ADP reported Thursday. That fell well short of the 299,000 Dow Jones estimate and marked a decline from the downwardly revised 202,000 in April, initially reported as a gain of 247,000.

On Friday, investors will be looking ahead to the release of U.S. jobs data for May. Economists see 328,000 jobs added in May, down 100,000 from April, according to a Dow Jones survey. Consensus estimates call for wages to rise by 0.4%, a faster pace than April’s 0.3% increase.

On Thursday, Fed Vice Chair Lael Brainard said it’s unlikely the central bank will be taking a break from its current rate-hiking cycle any time soon as inflation remained at a 40-year-high.

“Right now, it’s very hard to see the cause for a pause,” she told CNBC’s Sara Eisen during a live “Squawk on the Street” interview. “We’ve still got a lot of work to do to get inflation down to our 2% target.”

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— CNBC’s Hannah Miao and Pippa Stevens contributed to this article.



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