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US Treasury yields whipsaw after jobs report beat

Bond traders at CME Group
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U.S. government debt prices traded in a back-and-forth range on Friday, as investors digested the latest U.S. nonfarm payrolls data.

The U.S. economy added 215,000 jobs in March, the Bureau of Labor Statistics said. Economists polled by Reuters expected the economy to have added 205,000 jobs.

The jobs growth came as the headline unemployment rate rose to 5.0 percent, the first month-over-month increase since May 2015. The level of unemployed Americans considered part of the workforce rose to 7.97 million, from 7.82 million in February.

Other pieces of data released Friday included the ISM manufacturing index for March, which came in above estimates at 5.18. February construction spending, meanwhile dipped 0.5 percent.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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The yield on the benchmark 10-year Treasury note sat at 1.7855 percent, while the yield on the 30-year Treasury bond held at 2.6070 percent.

Investors also digested hawkish comments from Cleveland Fed President Loretta Mester. In prepared remarks,she said that more rate hikes would be appropriate.

"The important point is that the economy has shown considerable resiliency, and in my view, the outlook and risks around the outlook will likely support gradual reductions in the degree of accommodation this year.," she said.

Investors also kept a close eye on oil prices, which kicked off the new quarter on the wrong foot, as U.S. crude settled 4 percent lower at $36.79 a barrel.

— CNBC's Jeff Cox contributed to this report.