Bonds sold off and global equity markets tried to shake off New Year blues on Thursday after U.S. unemployment data indicated a still resilient U.S. labor market that tempered expectations of Federal Reserve interest rate cuts in 2024. The yield on 10-year Treasuries jumped above 4% in a sharp reversal from last week, when the benchmark note slid to a five-month low of 3.783% when data showed inflation by some measures had declined close to the Fed’s 2% target.
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