TREASURIES-Yields ease from 16-year highs after 30-year yields breach 5%

Yields have surged as investors reprice for the likelihood that the Federal Reserve will keep rates elevated for longer and possibly raise them again if the economy continues to show resilience and inflation remains above the Fed's 2% target. The ADP National Employment Report showed that U.S. private payrolls increased far less than expected in September, with 89,000 jobs gained during the month. "Growth wasn’t that robust," said Ellis Phifer, managing director of fixed income research at Raymond James in Memphis, Tennessee, adding that falling oil prices is also helping demand for bonds on Wednesday.