Jobs growth for September nearly doubled expectations as nonfarm payrolls increased by 336,000 for the month, strengthening views that policymakers will need to keep interest rates elevated to cool inflation.
Treasury yields move inversely to bond prices.
“It’s quite a report,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
On the long end of the curve, 30-year yields surged above 5% hitting their highest since 2007.
However, Craig Ellinger, head of Americas fixed income at UBS Asset Management, believes more rate increases could be in store.
Persons:
Dado Ruvic, ”, Peter Cardillo, Jake Schurmeier, ” Alex McGrath, Tiffany Wilding, Craig Ellinger, Ellinger, Davide Barbuscia, David Randall, Saqib Iqbal Ahmed, Stephen Culp, Sruthi Shankar, Ira Iosebashvili, Chizu Nomiyama, Diane Craft
Organizations:
REUTERS, U.S, Treasury, Federal Reserve, Spartan Capital Securities, Harbor Capital, ADP, Fed, UBS Asset Management, Thomson
Locations:
Treasuries, Americas