Treasury Yields Increase Most in a Year as U.S. Payrolls Swell
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Treasury 10-year note yields had their biggest weekly gain in a year as U.S. employers added more jobs than forecast and services industries climbed, signaling the Federal Reserve’s stimulus efforts may be gaining traction.
The benchmark yields rose to an 11-month high as Labor Department data yesterday showed the unemployment rate slid to 7.7 percent, the lowest since December 2008. Fed Bank of St. Louis President James Bullard said the central bank will probably keep buying bonds under quantitative easing amid contained inflation expectations. Stocks climbed. The Treasury will auction $66 billion of notes and bonds next week.