Treasury yields jump after US jobs report smashes expectations

Bank of America says ‘gangbusters’ figures will dash hopes for further Federal Reserve rate cuts

The US economy blew past expectations to create 256,000 jobs in December, sending yields on US government debt lurching higher as traders and banks trimmed their forecasts for Federal Reserve interest rate cuts. The figure from the Bureau of Labor Statistics on Friday exceeded the consensus forecast from economists polled by Reuters of 160,000 and was above the downwardly revised 212,000 positions added in November.

UK chancellor Rachel Reeves has come under increasing pressure this week after government borrowing costs soared, leaving her with little scope to meet her self-imposed fiscal rules. UK bond yields climbed after the publication of the US jobs figures. The 10-year gilt yield rose to 4.85 per cent, 0.02 percentage points higher on the day, but below the 16-year high of 4.93 per cent hit earlier this week.

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