USA: 10-Year Yield Trim Pullback.

The yield on the 10-year US Treasury note was at 4.15% on Wednesday, trimming the pullback from earlier to hover near four-month highs, as contrasting signs from a series of economic data releases clouded the magnitude of rate cuts expected by the Federal Reserve this year. Results from the ISM survey reflected an aggressive expansion in the sector's activity in December, pointing to robust growth and a rebound in the employment gauge, while the ADP Employment Report reflected an expected rebound in private-sector payrolls. Conversely, the JOLTS suggested that job openings fell more than expected to the lowest in over one year, maintaining the trend of low hiring. Markets continued to price two rate cuts by the US central bank this year on bets that evidence of disinflation will soon allow the FOMC to have room for more accommodative policy. Still, the rotation of more hawkish Fed Presidents into the FOMC and evidence of a robust economy trimmed the certainty for multiple cuts.