 U.S. Treasury yields on the longend of the curve shot higher on Wednesday after data showedmanufacturing activity rebounded in June and minutes from theFederal Reserves last meeting indicated yield curve control wasnot coming anytime soon. The benchmark 10-year yield was last up 2.9basis points at 0.6824. Guy LeBas, chief fixed income strategist at JanneyMontgomery Scott in Philadelphia, said the Fed minutes made itclear yield curve control was not going to happen in theimmediate future. That gave the long end permission to sell off a little bitin the afternoon, he said. According to the June meeting minutes, all participantsagreed to continue studying yield curve target policies. Earlier on Wednesday, the 10-year yield hit a session highof 0.702 after the Institute for Supply Managements release ofits index of national factory activity, which jumped to areading of 52.6 last month from 43.1 in May, marking thestrongest level since April 2019. Brian Brennan, a fixed income portfolio manager at T. RowePrice in Baltimore, said data continues to be back and forthin its depiction of the economy and that he believes Treasurieswill be range bound over the summer. Bond managers are kind of hunkered down right now and, ifanything, we know rates are low for a long time, he said. Coming up on Thursday, the U.S. Labor Department willrelease jobs data. The report will likely show private employershired 2.9 million workers in June, according to a Reuters surveyof economists. That would lead to nonfarm payrolls increasing by3 million on top of the 2.5 million created in May, but stillnearly 17 million below their pre-coronavirus pandemic level. A closely watched part of the U.S. Treasury yield curvemeasuring the gap between yields on two- and 10-year Treasurynotes, which is viewed as an indicator ofeconomic expectations, was at 51.40 basis points, about 1 basispoint higher than at Tuesdays close. July 1 Wednesday 2:31PM New York 1931 GMT Price Current Net Yield Change bps Three-month bills 0.14 0.142 -0.005 Six-month bills 0.16 0.1628 -0.002 Two-year note 99-235256 0.1662 0.012 Three-year note 100-44256 0.1916 0.016 Five-year note 99-172256 0.3163 0.028 Seven-year note 99-224256 0.5182 0.028 10-year note 99-116256 0.6824 0.029 20-year bond 98-188256 1.1967 0.021 30-year bond 95-144256 1.4331 0.022 DOLLAR SWAP SPREADS Last bps Net Change bps U.S. 2-year dollar swap 6.75 -0.25 spread U.S. 3-year dollar swap 5.00 -0.25 spread U.S. 5-year dollar swap 3.25 -0.25 spread U.S. 10-year dollar swap -2.25 -0.25 spread U.S. 30-year dollar swap -49.25 0.25 spread Reporting by Karen Pierog in Chicago; editing by JonathanOatis and Lisa Shumaker 