Treasury yields climb higher ahead of December jobs data

U.S. Treasury yields continued to climb early on Friday, ahead of the release of the country’s jobs growth report for December, due out later that morning.The yield on the benchmark 10-year Treasury note rose to 1.088% at 3:55 a.m. ET, while the yield on the 30-year Treasury bond went up to 1.861%. Yields move inversely to prices.Treasury yields added to previous session gains, following a projected victory for the Democrats in this week’s runoff elections for Georgia’s two Senate seats.This gives the Democrats unified control of Congress and the White House, as President-elect Joe Biden comes to office, giving him a better chance of accomplishing his legislative agenda.Biden’s election victory was confirmed by Congress early Thursday, after supporters of incumbent President Donald Trump stormed the U.S. Capitol building on Wednesday. Trump then finally conceded on Thursday, admitting that Biden’s administration would take charge on Jan. 20.December’s job growth in the U.S. is expected to have slowed dramatically in the previous month, with data due to be released by the U.S. Labor Department at 8:30 a.m. ET on Friday.Economists have forecasted that 50,000 jobs were added in December, which is just over a fifth of 245,000 new payrolls for November, according to Dow Jones.Wholesale inventory data for November is due to be released at 10 a.m. ET.Federal Reserve Vice Chairman Richard Clarida is expected to make a speech at 1 p.m. ET.There are no auctions due on Friday.— CNBC’s Patti Domm contributed to this report.

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