By Charles Riley, CNN Business
The US jobs report for July was really good.
How good? Yields on benchmark US 10-year bonds moved higher to roughly 1.3% after the jobs report on Friday, their highest level since July 23.
Yields have since fallen back a bit. But the addition of 943,000 jobs in the United States is great news for the economy, making it more likely that the Federal Reserve begins to pull back its stimulus earlier than expected.
Continued momentum toward an eventual rate hike could drive yields even higher over the coming months.
“Friday’s [jobs]data put Fed tapering back in the middle of the dinner table, sending US yields and the US Dollar higher,” said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA.
Another move: Gold prices crashed as much as 3.5% on Monday to $1,692.60 per ounce, before making a partial comeback. Silver also dropped.
Some of the strength of that…