The 10-year Treasury note rose to 2.79% on Friday morning on the back of a stronger-than-expected jobs report for July.
The data showed nonfarm payrolls increase 528,000 last month and surpass Dow Jones’ expectations of 258,000. At the same time, wage growth rose with average earnings climbing 0.5% for the month and 5.2% over last year.
The yield on the 30-year Treasury bond was last up nearly 7 basis points to trade at 3.026%, while the 2-year jumped 17 basis points to 3.209%. Yields move inversely to prices.
Investors are closely monitoring the health of the U.S. economy after recent numbers showed a second consecutive negative gross domestic product reading.
As a result, upcoming data releases related to the labor market will be highly anticipated by many money managers.
Cleveland Fed President Loretta Mester on Thursday said the Federal Reserve plans to keep raising interest rates into 2023, in another sign that the central bank does not yet see an economic recession.