* This USD move is sticking well in recent trade, following in lockstep with the sizeable move in ...
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The House Majority Whip Tom Emmer (R-MN) has circulated a memo indicating that the House of Representatives will hold a first procedural vote on the One Big Beautiful Bill at 09:00 ET 14:00 BST, followed by a vote to adopt the rule 11:00 ET 16:00 BST.
10-Year yields have risen by over 16bp on the day, with the benchmark less than 3bp away from erasing the entirety of the move lower seen in June. Meanwhile, 30s have more then reversed June’s move lower, last printing ~6bp above May’s closing levels.
ADP employment surprisingly fell in June as it continued a trend of clear moderation in recent months compared to what has been a steadier trend for private payrolls up to May ahead of tomorrow’s NFP release. Declines were led by two sectors in particular, one of which has had a strangely weak relationship with BLS payrolls, but it’s still a soft report no matter how you look at it.