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Bond Report: Treasury yields struggle for direction despite solid ISM services data

Treasury yields held their ground Tuesday as a gauge of the service sector’s health suggested the U.S. economy’s momentum has remained robust.

The 10-year Treasury note yield TMUBMUSD10Y, -0.20% was virtually unchanged at 2.722%, while the two-year note yield TMUBMUSD02Y, -0.32% was up 0.6 basis points to 2.551%. The 30-year bond yield TMUBMUSD30Y, -0.29% was nearly flat at 3.088%. Bond prices move inversely to yields.

The bond market’s muted action comes in the wake of data highlighting strength in the U.S. services industry, considered a more significant driver of the U.S. economic engine than manufacturing.

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