2-year Treasury Yield Spikes After Jobs Report

Short-dated U.S. Treasury yields spiked after a better-than-expected jobs report, though long-dated bond yields were climbing down to the levels ahead of the release. The U.S. created 215,000 new jobs in March, above economists' expectations. The unemployment rate, meanwhile, rose a notch to 5% from 4.9%, as more Americans joined the labor force. Robust job gains are likely to reassure the Federal Reserve that the economy is growing at a healthy pace and may warrant more rate hikes this year. The yield on a 2-year Treasury note , which is more sensitive to rate hikes, was up 3 basis points to 0.752%. The 10-year Treasury yield was up 1 basis point to 1.78% while the 30-year Treasury yield was flat at 2.614%.