Treasurys, Bunds, Gilts Sell Off on Jobs Report
Author: Min Zeng</br></br>NEW YORK--A better-than-forecast jobs report eased fears about a double-dip recession in the U.S. and fueling broad selling in Treasurys and government bonds in Germany and the U.K.</br></br>The Treasurys market lost ground for a third straight session, and the benchmark 10-year note posted a second consecutive weekly loss.</br></br>At the peak of the selling, the 10-year Treasury note's yield, which moves inversely to the price, touched 2.770%, the highest since Aug. 10. The yield has risen about 0.30 percentage point since hitting a 19-month low of 2.418% on Aug. 25.</br></br>"Investors across asset classes had soured enormously on the economy and were leaning on one side of the boat and were thus caught by surprise by stronger data," said Tony Crescenzi, portfolio manager at Pacific Investment Management Co. in Newport Beach, Calif. "The pain trade is higher in yields."