Treasury yields leap after much hotter jobs report than expected

U.S. Treasury yields rose Friday after jobs data came in much better than expected.

The 10-year Treasury yield was up about 11 basis points at 3.512%. The 2-year Treasury was up around 16 basis point to 4.253%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Nonfarm payrolls increased by 517,000 for January, notably above the 187,000 additions estimated by Dow Jones. The unemployment rate fell to 3.4%, lower than the 3.6% expected by Dow Jones.

The data underscored the stickiness of the labor market. The Fed has been trying to cool the economy through monetary policy measures, including interest rate hikes. At the conclusion of its latest meeting on Wednesday, the central bank increased rates by 25 basis points, but also said it was starting to see a slight slowdown of inflation.