Treasury Yields Trade Higher After Wild Swings

Treasury yields moved higher Friday morning after wild swings following news that the pace of hiring in the U.S. tapered off in January, but wages rose sharply. The economy added 151,000 jobs in January, which fell below economists' expectations, but the unemployment rate declined to its lowest reading in eight years. Treasury yields spiked after the report, then tumbled and rose again to trade slightly higher on the day. The yield on the 2-year Treasury was up 2 basis points on the day to 0.734%, suggesting the market expects a slightly more aggressive pace of interest-rate hikes than it previously did. The yield on the 10-year Treasury note, the Treasury market's benchmark was unchanged at 1.863% and the yield on the 30-year bond, known as the long bond, was up 1 basis point to 2.709%. Treasury yields rise when prices fall and vice versa.