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US Treasury yields climb after strong jobs report

In this Sept. 24, 2014 photo, traders work in the ten-year bond pit on the floor of the CME Group in Chicago.
M. Spencer Green | AP Photo
In this Sept. 24, 2014 photo, traders work in the ten-year bond pit on the floor of the CME Group in Chicago.

U.S. government debt prices fell on Monday, supporting yields as oil prices rallied and investors digested Friday's better-than-expected U.S. jobs report.

The yield, which moves inversely to the price, on the benchmark 10-year Treasury note climbed as high as 1.92 percent, its highest in more than a month. It last traded at 1.911 percent.

The yield on the 30-year Treasury bond, meanwhile, traded around 2.712 percent, close to a month high. The two-year note yield hit 0.91 percent, its highest since mid-January.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
---
US 2-YR
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US 5-YR
---
US 10-YR
---
US 30-YR
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Fed speak was in focus on Monday, as Federal Reserve Vice Chair Stanley Fischer and Fed Governor Lael Brainard both delivered remarks on the U.S. economy.

Fischer noted that he has seen possible first signs of an inflation increase, while Brainard said that she expects inflation to move back to the central bank's 2 percent target despite risks to the downside.

On the data front, it should be a very quiet week for U.S. economic news, with just January consumer credit figures on Monday at 3 p.m. ET and wholesale inventory data Wednesday the only data releases of note in the first half of the week.

Oil prices traded strongly on Monday, extending gains seen on Friday after the nonfarm payrolls report was released showing the economy created 242,000 jobs in February, topping expectations. Front-month Brent crude futures were trading at $40.89 per barrel on Monday, up $2.17 from Friday's close.

All eyes will be on the European Central Bank this week, as President Mario Draghi is expected to deliver yet more monetary stimulus on Thursday amid growing criticism of how the world's central banks are handling monetary policy.

In Asia, China announced new economic targets at the National People's Congress (NPC) over the weekend.

China's new economic targets for 2016, released on Saturday at the National People's Congress (NPC) meeting, included a revised growth target of between 6.5 and 7 percent, a consumer price index growth target of around 3 percent and a budget deficit at 3 percent of gross domestic product (GDP), according to Reuters.