10-year Treasury yield spikes to highest level since late 2023 after hotter-than-expected jobs report

U.S. Treasury yields jumped to their highest level since November 2023 after the latest jobs data came in stronger than economists had forecasted.

The 10-year Treasury yield added nearly 10 basis points at 4.778%. The 2-year Treasury surged around 12 basis points at 4.377%.

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One basis point is equal to 0.01% and yields and prices move in opposite directions.

December's nonfarm payrolls reading showed much stronger than expected job growth. Nonfarm payrolls soared by 256,00 for the month, up from 212,00 in November, the Bureau of Labor Statistics reported Friday. Meanwhile, economists had forecasted job growth to rise by 155,000 jobs in December, according to Dow Jones.

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The unemployment rate inched lower to 4.1%, one-tenth of a point below expectations.

Fed meeting minutes from December, released on Wednesday, showed that officials were worried about inflation and the impact of President-elect Donald Trump's policies, and indicated that they would be moving more slowly on interest rate cuts in 2025.