Treasury Yields Spike After Stellar Jobs Report Points To Rate Hike

Short-term Treasury yields spiked Friday to their highest level in five years, after the Labor Department said the U.S. economy created 271,000 new jobs in October marking the largest monthly employment gains of the year and eclipsing economists' estimates. Hourly wages also rose at the fastest year-over-year pace since 2009. The stellar jobs report sent Treasury yields soaring, as it was taken as an indication that the Federal Reserve could raise interest rates in its December meeting. The 2-year Treasury yield gained 8.4 basis points to 0.926%, a five-year high. The benchmark 10-year yield gained 6.4 basis points to 2.307, a nearly four-month high. The 30-year Treasury yield rose 3.5 basis points to 3.047%.