Treasury Yields Jump To One-month High After Jobs Report

Treasury yields climbed Friday to their highest level in a month after the Labor Department said that the U.S. generated 242,000 new jobs in February, beating economists' expectations of 198,000 new jobs. Continued strength in the labor market could keep the Federal Reserve on track to raise interest rates further this year, after December ushered in the first hike in nearly a decade. Yet despite the big gain in new jobs, average hourly wages fell by 0.1%. The yield on the 10-year Treasury note, the Treasury market's benchmark, gained 5.5 basis points to 1.885%, its highest level since Feb. 1, according to Tradeweb. The 2-year yield gained 3.3 basis points to 0.878%, its highest level since mid January. The 30-year yield rose 4.3 basis points to 2.701%. Treasury yields rise when prices fall. One basis point is equal to one hundredth of a percentage point.