Treasury Yields Fluctuate

Published February 13, 2026

U.S. Treasury Yields moved higher mid-week as investors digested the latest data from the January jobs report. Yields were lower towards the end of the week as the latest employment data showed signs of a resilient labor market.

On Wednesday, the Bureau of Labor Statistics (BLS) released a delayed monthly jobs report indicating an increase of 130,000 non-farm jobs in January, well above economists’ forecasts of a 55,000 increase. The BLS also updated its 2025 annual figures, reporting that the economy gained a total of 181,000 jobs for the entirety of 2025, an adjustment from the previously reported 584,000, which marks the weakest rate of job growth outside a recession since 2003.

“Growth in nonfarm payrolls blew past expectations, but job gains were narrowly based and concentrated in construction and health care,” said lead economist at Oxford Economics, Nancy Vanden Houten. “Most other sectors posted meager job gains or job losses. The federal government continued to shed jobs as did state and local governments.”

The benchmark 10-year Treasury note yield opened the week of February 9 at 4.22% and traded as low as 4.12% on Wednesday. The 30-year Treasury bond opened the week at 4.85% and traded as low as 4.76% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment decreased by 5,000 to 227,000 for the week ending February 7, above economists’ expectations of 222,000. Continuing claims increased by 21,000 to 1.86 million. The BLS’s delayed monthly jobs report noted the unemployment rate decreased to 4.3% in January.

“Jobless claims suggest that the labor market remains just as subdued as last year, casting further doubt over the sustainability of January's reported jump in payrolls,” said chief U.S. economist at Pantheon Macroeconomics, Samuel Tombs.

The 10-year Treasury note yield finished the week of February 9 at 4.05% while the 30-year Treasury note yield finished the week at 4.70%.