Treasury prices gained ground, pulling yields lower Friday morning, as investors looked past a stronger-than-expected rise in nonfarm payrolls to focus on subdued January wage growth. The Labor Department said the U.S. economy added 227,000 jobs in January, topping the consensus forecast of 197,000. But hourly wages rose just 0.1%, which analysts said could make the Federal Reserve more cautious about raising interest rates in March. The yield on the 2-year Treasury note fell 1.2 bsis points to 1.189% versus around 1.237% ahead of the jobs data. The 10-year yield dropped 2.2 basis points to 2.448% versus 2.502% before the release.
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