US yields steady after unemployment rate falls to 50-year low in solid jobs report

Treasury yields were little changed Friday after the Labor Department's key jobs report showed the U.S. unemployment rate fell to a 50-year low in September.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, ticked lower to 1.519%, while the yield on the 30-year Treasury bond slipped to 2.008%.

Though nonfarm payrolls rose by just 136,000 as the economy nears full employment, the jobless rate dropped 0.2 percentage points to 3.5%, matching a level it last saw in December 1969. The nonfarm payrolls count missed the 145,000 estimate from economists surveyed by Dow Jones; the expectation on the jobless rate was to hold steady at 3.7%.

Wages also fell short, with average hourly earnings little changed over the month and up just 2.9% for the year, the lowest increase since July 2018. Economists had expected wages to have risen 3.3% over the last 12 months.

Investors will also be monitoring developments in an ongoing impeachment inquiry after President Trump on Thursday publicly invited foreign interference in next year's presidential election.

Speaking to reporters on the White House lawn, the president requested that China investigate Democratic rival Joe Biden and his son. The impeachment inquiry was triggered after it was revealed that Trump had pushed Ukrainian President Volodymyr Zelensky to investigate the Bidens.

Markets are also reacting to Federal Reserve after Vice Chairman Richard Clarida, who said on Thursday that the U.S. economy is in a "good place" and the labor market is "very healthy," but the central bank will act "as appropriate" one meeting at a time.