"10-year Treasury Yield Plunges from November 2022 Peak"

The 10-year Treasury yield retreated after reaching a multi-month high, following the release of labor market data showing fewer-than-expected job additions in July. The yield briefly touched 4.206%, the highest level since November 2022, before dropping to 4.042%. The 2-year Treasury also fell. The data, which included a modest increase in average hourly earnings, suggests that demand for labor remains strong but hiring is being hindered by a lack of labor supply. Investors are now awaiting the July consumer price index report, which could influence the Federal Reserve's interest rate decision in September.