Treasury yields roar higher as 'booming US economy' cements December rate hike
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:
- 2-year:
- 3-year:
- 5-year:
- 7-year:
- 10-year:
- 30-year:
Friday's report all but assured the Federal Reserve will raise interest rates at its meeting in December.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng