Treasury yields rose on Friday as investors remained focused on a key jobs report.
The yield on the benchmark 10-year Treasury note rose by 6 basis point to 1.89% shortly after 8:30 a.m. ET. The yield on the 30-year Treasury bond climbed 4 basis points to reach 2.188%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The Labor Department said Friday that the economy added 476,000 jobs in January. Economists surveyed by Dow Jones expected an addition of just 150,000 jobs, with some Wall Street pros projecting net jobs losses for the month due to the omicron variant surge.
"As the Fed expressed that they were satisfied with employment trends, the strong January's jobs report most likely cemented plans to raise rates and end quantitative easing. We will continue to keep an eye on the elements that could influence the Fed in coming months," Steve Rick, chief economist at CUNA Mutual Group, said in a note.
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Claims for the week ended Jan. 29 totaled 238,000, a touch lower than the 245,000 Dow Jones estimate, the Labor Department reported Thursday.
On Thursday, the European Central Bank has kept key interest rates unchanged despite record rises in inflation. The ECB said higher inflation will fade throughout the year even as the 19-member region has seen inflation reading hit a record 5.1% in January.
ECB President Christine Lagarde said Thursday: "Inflation is likely to remain elevated for longer than previously expected, but to decline in the course of this year."
Auctions are scheduled to be held on Thursday for $50 billion of 4-week bills and $40 billion of 8-week bills.
— CNBC's Fred Imbert and Yun Li contributed to this market report.