one through 30year treasury yields rose on tuesday pushing the rate on the long bond to its highest since last november after us data pointed to a stillstrong labor market data released on tuesday showed that us job openings dipped to 96 million in june  signaling that the labor market still remains quite tight  and that the number of workers who quit in june decreased to 38 million from 4 million in may a strong jobs market is seen as likely to contribute to inflationary pressures and put pressure on the policysetting federal reserve to keep interest rates elevated more us laborrelated data is expected to arrive over the next few days including wednesdays adp privatesector jobs report for july weekly initial unemployment claims on thursday and julys nonfarm payrolls report on friday in other data released on tuesday the ism manufacturing index rose slightly to 464 in july from 46 previously yet manufacturers remain mired in a slump and construction spending was up 05 in june after a revised 11 gain in the prior month markets are pricing in a 825 probability that the policysetting federal open market committee will leave interest rates unchanged at a range of 52555 on sept 20 according to the cme fedwatch tool the chance of a 25basispoint rate hike to a range of 55575 at the subsequent meeting in november is priced at 305 the central bank is most expected to take its fed funds rate target back down to around 5 or even lower by next maymeanwhile the treasury departments 1 trillion borrowing estimate for the third quarter is raising questions about the extent to which foreign and domestic buyers can continue to keep up their demand for us government debt what analysts are saying the labor market is key for the fed and the current economic outlook it appears some cooling conditions are at hand but wages are still not sufficiently cool said george mateyo chief investment officer of key private bank which manages 502 billion in assetsthe impact of recent economic data and central bank decisions on the us fixedincome markets has been fairly muted on the front end of the yield curve mateyo wrote in an email this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal