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Deficits and high debt-to-GDP ratios are not the problem.
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Treasurys sold off aggressively after Friday's nonfarm-payrolls report for November, pushing yields higher on everything from the 1-month bill to the 30-year bond. The rise in yields was led by 2- through 3-year rates, with the former jumping 12 basis points to 4.698%. Meanwhile, fed-funds futures traders pulled back on the likelihood of a Federal Reserve rate cut by March and now see a 47.5% chance of such a scenario unfolding — down from 64.5% a day ago, according to the CME FedWatch tool.
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The unemployment rate declined two-tenths of a point to 3.8% in a sign of a strong economy despite high interest rates.
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