U.S. Treasury Yields Rise Following Jobs Report

Good news for people buying bonds.

Yields on U.S. government bonds rose on Friday morning after domestic job growth slowed less than expected in October, suggesting the U.S. Federal Reserve was justified in signaling earlier in the week that it would pause interest rate cuts going forward.

The Labor Department’s report showed that a drag from a strike at General Motors was offset by gains elsewhere in the American economy, while hiring in the prior two months was stronger than previously estimated, offering assurance that consumers would continue to prop up the slowing economy.

The benchmark 10-year yield was last up 1.2 basis points to 1.703%. The two-year yield, a proxy for market expectations of interest rate moves, was up 3 basis points to 1.556% in early trading Friday morning.