Treasury yields roar higher after strong jobs report cements December rate hike

pulse

November 2, 2018 8:50 PM

The October jobs report blew past expectations, cementing a Fed rate hike in December. Yields across the curve were up at least 6 basis points.

Treasury yields roared higher Friday after the October jobs report pointed to continued strength in the US economy, cementing a Fed rate hike in December.

The US economy added 250,000 nonfarm jobs in October as the unemployment rate held at 3.7%, its lowest since 1969. Average hourly wages grew 3.1% versus a year ago — the fastest pace in nearly a decade.

The strong report sent Treasury yields darting higher throughout the session, with the belly of the curve up more almost 9 basis points at the close. Selling at the long end ran the 30-year above 3.45% — to its highest level since July 2014. The 2-year ended just shy of 2.91%, near an 11-year high. Here's a look at the scoreboard: