U.S. Treasury yields jumped to their highest level since November 2023 after the latest jobs data came in stronger than economists had forecasted.
The 10-year Treasury yield added around 10 basis points at 4.78%. The 2-year Treasury surged 12 basis points at 4.383%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
December's nonfarm payrolls reading showed much stronger than expected job growth. Nonfarm payrolls
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Economists had forecasted job growth to rise by 155,000 jobs in December.
Fed meeting minutes from December, released on Wednesday, showed that officials were worried about inflation and the impact of President-elect Donald Trump's policies, and indicated that they would be moving more slowly on interest rate cuts in 2025.
On the data front, things were quiet on Thursday as the New York Stock Exchange was closed to observe a national day of mourning for the late former U.S. President Jimmy Carter. Bond market trading closed early at 2 p.m. ET.
