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US Treasury yields rise after weak September jobs data
September nonfarm payrolls came in at 29,000 jobs versus 90,000 expected, with the unemployment rate at 4.2% versus a 4.1% forecast.
US Treasury yields rose on Friday after initially falling as investors digested a weaker-than-expected September jobs report, a shift that tempered expectations for additional Federal Reserve rate hikes, according to Reuters via LiveMint Markets.
The Labor Department reported that the US economy added 29,000 jobs in September versus 90,000 expected, and that the September unemployment rate was 4.2% compared with economist expectations for 4.1%.
August job growth was revised down to 133,000 from a previously reported 162,000 surge, and traders later resumed selling Treasuries across the curve as stress factors in the market persisted.
Investors were last pricing about an 80% probability that rates would be unchanged at this month’s meeting, down from 74% ahead of the jobs data, while expectations for a December hike moved around roughly 86% probability, per LSEG data.