Treasuries Tumble

Yields spiked as payrolls in July were stronger than expected and wages jumped

S&P MARKETSCOPE: Treasuries plunged as July nonfarm payroll jobs grew 207,000, more than expected, and wage growth was the highest in a year.

The 10-year note tumbled 18/32 to 97-30/32 for a yield of 4.38%. The 30-year bond sank 30/32 to 111-30/32 for a yield of 4.57%.

The jump in wages, in particular, fanned inflation fears. Equities were broadly lower as bond trading closed. The dollar rallied, keeping pace with the rise in yields and expectations of more rate hikes by the Fed.

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