WASHINGTON (dpa-AFX) - After trending higher over the past several sessions, treasuries showed a modest move back to the downside during trading on Friday.
Bond prices regained some ground after an early slump but still ended the day in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.2 basis points to 4.859 percent.
With the increase on the day, the ten-year yield regained some ground after ending the previous session at its lowest closing level in almost two months.
The pullback by treasuries came following the release of a closely watched Labor Department report showing stronger-than-expected job growth in the month of October.
The Labor Department said non-farm payroll employment jumped by 165,000 jobs in October compared to economist estimates for the addition of 62,000 jobs.
The report also showed employment surged by an upwardly revised 186,000 jobs in August and climbed by an upwardly revised 60,000 jobs in September, reflecting a net upward revision of 84,000 jobs.
The report also said the unemployment rate edged down to 4.1 percent in October from 4.2 percent in September. The unemployment rate was expected to remain unchanged.
'The latest jobs data suggest labor market conditions are tightening, and with inflation well above target, that adds to the case for a December rate hike,' said Michael Pearce, Chief U.S. Economist at Oxford Economics.
He added, 'However, given most of the core inflation overshoot we expect is tied to spillovers from higher energy prices and AI-related pressures, continued falls in tech stocks and oil prices could eliminate the prospect of an additional hike in early 2027.'
Selling pressure waned over the course of the session, however, as treasuries' safe haven appeal provided some support amid uncertainty about the conflict in the Middle East following Democrats' decisive victory in the midterm elections.
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