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Treasurys steady after report showing jobs drop

January 11, 2010 | "CNNMoney"

Treasurys were mixed on Friday after the government posted a larger-than-expected jobs decline.

What prices are doing: The benchmark 10-year note was up less than 1/32 at 96-11/32, and the yield was 3.83%. Bond prices and yields move in opposite directions.

The 30-year bond fell 12/32 to 94-21/32 and its yield rose to 4.72%. The 2-year note increased 4/32 to 100-2/32 and yielded 0.98%.

What's driving prices: The government's employment report showed a drop of 85,000 jobs in December, missing analysts' expectations, which called for no change. November's jobs number was revised to a gain of 4,000 from an initially reported decline of 11,000.

What analysts are saying: "The disappointment in the employment number just feeds into the hands of the [Federal Reserve]," pushing yields lower and Treasurys higher as investors become less optimistic that the Fed will raise rates soon, said Peter Cardillo, a chief market strategist at Avalon Partners.

But in 2010, he predicts rising yields as the economy continues its recovery. He said he wouldn't be surprised if the yield on the 10-year note reached 4% by January or February.

"I think yields are headed higher," he said. "The more convincing economic news we get, the higher the yields."

By Blake Ellis

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