Policy Sensitive Cash Remarks fell, sending two-year yields back above 4% as a strong hiring report bolstered bets for another Federal Reserve rate hike. U.S. stock futures advanced before closing early as the report eased concerns that the economy was heading into recession.
Contracts on the S&P 500 climbed, while the two-year yield jumped 15 basis points to 4.02% after March’s hiring report showed resilience in the labor market that could allow the Fed to tighten policy. Payroll additions topped 200,000, wage growth slowed and the unemployment rate fell.
