MW: Treasurys fall after fewer job losses in March than forecast
Treasury prices declined on Friday after the Labor Department said the economy lost 663,000 jobs in March, less than economists expected. Ten-year note yields ) increased 5 basis points to 2.82%. Economists surveyed by MarketWatch expected nonfarm payrolls to fall by 688,000. The unemployment rate jumped to 8.5% last month, as predicted. The government also made big downward revisions to January's losses. The slide in bonds may be exacerbated as traders keep an eye on the direction of equities. Improvement in stocks may signal investor's confidence that the economy will improve, reducing the need for the relative security of U.S. debt. Still to come is a private report on the health of the services industry and a speech from Federal Reserve Chairman Ben Bernanke on the central bank's use of its balance sheet.
