Treasury Yields Rise to 11-Month High as Job Gains Top Forecasts
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Treasuries fell, pushing 10-year note yields to an 11-month high, after U.S. employers added more jobs than forecast and the unemployment rate fell, indicating the Federal Reserve’s stimulus efforts are paying off.
Yields on 10-year notes had the biggest weekly increase in almost a year as gauges of company hiring and U.S. services industries rose more than forecast. The jobless rate unexpectedly dropped to 7.7 percent last month, a four-year low. Fed Chairman Ben S. Bernanke reiterated last week the central bank will keep buying bonds until there’s “substantial improvement” in the labor market.