Yields and prices move in opposite directions. One basis point equals 0.01%.A series of key labor market data is due this week, including ADP's private business payroll figures and JOLTs job openings on Wednesday, as well as non-farms payroll and unemployment data on Friday.
As a tight labor market is historically associated with high inflation, the data could provide hints about the impact of the Federal Reserve's interest rate hikes and its monetary policy plans. Minutes from the Fed's November meeting released last week indicated that the central bank would continue to hike interest rate in the coming months, but at a slower pace. Concerns about the speed of rate hikes dragging the U.S. economy into a recession have spread among investors.
They will therefore also be looking to additional economic data releases scheduled for this week, such as personal spending and income figures, for hints about the impact of high inflation and interest rates on consumers.