The latest U.S. jobs report led investors to raise the yield on the 2-year Treasury note to its highest level in 16 years while dumping their stocks.
There was serious concern that strong U.S. employment levels would encourage the Federal Reserve to continue raising interest rates.
The latest jobs estimate from ADP put pressure on bond markets overseas this week, as the primary gauge of global yields climbed to their highest peak since 2008.
Fed Chairman Jerome Powell has already suggested that the central bank may start raising interest rates this summer, following a pause in June.
Recently released minutes from the last Federal Open Market Committee meeting further revealed that central bank policymakers favor a more hawkish stance towards future rate increases….