The stock market experiences a 10-year high after the release of the December jobs report.

On Friday, Treasury yields fluctuated as traders evaluated the U.S. economic forecast after the release of the latest nonfarm payrolls data.

The yield on the rose 2 basis points to 4.4%, surpassing the key 4% level after earlier retreating.

Prices and yields move in opposite directions, with one basis point equal to 0.01%.

The nonfarm payrolls data released on Friday revealed that employers added 216,000 jobs in December, exceeding the 170,000 jobs predicted by economists surveyed by Dow Jones. Additionally, the increase from November's figure, which was revised down to 173,000, was substantial. Despite this, the unemployment rate remained unchanged at 3.7%, in contrast to the 3.8% anticipated.

The labor market's heat may prevent the Fed from reducing interest rates as soon as anticipated. Some Wall Street analysts had predicted a cut in March, but the Fed has not given a timeline. Others believe that rate cuts may occur later than expected, supported by the central bank's December policy meeting minutes, which indicate some uncertainty.

The strong jobs figures increase doubts that the Fed will ease policy in March, according to Deutsche Bank strategists led by Jim Reid.

The probability of a 25bp cut by March for the Fed decreased to 69% by Thursday's close, which is its lowest since the December meeting. This was due to the Fed's more dovish dot plot than expected. As a result, Treasuries sold off across the curve.