U.S. Treasury yields rose Friday after jobs data got here in a lot better than expected.
The 10-year Treasury yield was up greater than 12 basis points at 3.526%. The 2-year Treasury was up roughly 20 basis points to 4.299%.
Yields and costs move in opposite directions and one basis point equals 0.01%.
Nonfarm payrolls increased by 517,000 for January, notably above the 187,000 additions estimated by Dow Jones. The unemployment rate fell to three.4%, lower than the three.6% expected by Dow Jones.
The information underscored the stickiness of the labor market. The Fed has been attempting to cool the economy through monetary policy measures, including rate of interest hikes. On the conclusion of its latest meeting on Wednesday, the central bank increased rates by 25 basis points, but additionally said it was beginning to see a slight slowdown of inflation.
— CNBC’s Alex Harring contributed to this report.
