2-year Treasury yield pulls back slightly after notching 15-year high Friday

The yield on the 2-year Treasury note eased slightly on Friday after hitting a fresh 15-year high.

The yield 2-year Treasury note earlier rose to a session high of 4.883%, its highest level since July 2007, but pulled back to last trade roughly 4 basis points lower at 4.663%. Since the start of the week, its surged 25 basis points.

The 10-year Treasury last traded about 5 basis points higher after rising earlier in the session to 4.171%. Yields and prices have an inverted relationship and one basis point equals 0.01%.


The moves came after October's jobs report painted a mixed picture of the labor market.

U.S. nonfarm payrolls surged by 261,000, according to data from the Bureau of Labor Statistics. That was much higher than the 205,000 add that economists expected. At the same time, the unemployment rate ticked up slightly to 3.7% from 3.5% a month earlier.

Yields initially rose on the news, but pulled back as equity markets rallied.

On Wednesday, the Federal Reserve's fourth consecutive 75-basis-point interest rate hike.

Uncertainty lingered regarding the Fed's future policy path, after Chairman Jerome Powell suggested no plans of a pause in hikes any time soon, but also said the central bank would take the economic impact of their policy decisions into account.

Fears of a looming recession fueled by the hikes have spread in recent weeks as the Fed's fight against persistently high inflation continues.