Yields Steady as Kashkari Calls for Rate Hike Amid Weaker Jobs Data

Treasury yields held steady on Wednesday as traders weighed in on the outlook for interest rates and digested weaker-than-expected jobs data from ADP.

The 10-year U.S. Treasury note yield, a key benchmark for mortgages and other debt, was up by just one basis point to 4.637%.

Minneapolis Federal Reserve President Neel Kashkari told CNBC that the central bank should start raising interest rates, which could happen as early as September's meeting.

Kashkari argued that with strong corporate earnings and a solid labor market, 'I look at this constellation and I say, what evidence do I have that monetary policy is particularly restrictive right now?'

ADP reported nonfarm job growth slowed in July, adding just 44,000 positions - lower than the revised 95,000 in June and below economists' expectations.