Treasury yields climb higher ahead of December jobs data

The 10-year Treasury yield rose slightly on Friday even after jobs report for December showed an unexpected loss.

The yield on the benchmark 10-year Treasury note edged up 2 basis points to 1.094{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1}, while the yield on the 30-year Treasury bond also gained slightly to 1.858{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1}. Yields move inversely to prices.

The Labor Department reported Friday that nonfarm payrolls fell by 140,000 in December amid a worsening pandemic. The number came in below expectations for 50,000 from economists surveyed by Dow Jones. The unemployment rate was 6.7{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1}, compared to the 6.8{c25493dcd731343503a084f08c3848bd69f9f2f05db01633325a3fd40d9cc7a1} estimate.

Treasury yields added to previous session gains, following a projected victory for the Democrats in this week’s runoff elections for Georgia’s two Senate seats.

This gives the Democrats unified control of Congress and the White House, as President-elect Joe Biden comes to office, giving him a better chance of accomplishing his legislative agenda.

Biden’s election victory was confirmed by Congress early Thursday, after supporters of incumbent President Donald Trump stormed the U.S. Capitol building on Wednesday. Trump then finally conceded on Thursday, admitting that Biden’s administration would take charge on Jan. 20.

There are no auctions due on Friday.

CNBC’s Patti Domm contributed to this report.

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