September’s hot payrolls report sent Treasury yields soaring across the board Friday morning, pushing the 30-year rate intermittently past 5% on its way to the highest level since August of 2007. In addition, 5- through 30-year yields each jumped by more than 10 basis points each, with the 10-year rate rising to 4.85% after touching its highest intraday level since August 2007. The U.S. added far more jobs than had been expected, leading fed funds futures traders to factor in a 34% chance of a rate hike by the Federal Reserve in November. The policy-sensitive 2-year rate jumped 4 basis points to almost 5.06%.
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