the 10year us treasury yield rose slightly on friday holding near its recent high at 307 ahead of the release of a key payrolls report the yield on the benchmark 10year treasury note moved less than a basis point higher to 3071 at 420 am et the yield on the 30year treasury bond fell by less than a basis point to 31531 yields move inversely to prices and 1 basis point is equal to 001 the 10year rate surged as a high as 31 on thursday its highest point since 2018 this came a day after the fed announced a 50basispoint interest rate hike yields dipped initially following the decision on wednesday afternoon with stock markets seeing a relief rally after fed chairman jerome powell said a more aggressive 75basispoint hike was not on the cards however stock markets sold off sharply on thursday with the dow jones industrial average plunging more than 1000 points investors were also heavily selling out of treasurys seeing yields jump the selloff in both markets indicated that on reflection of wednesdays interest rate decision investors remained concerned that a slowdown in economic growth could be a consequence of the feds hawkish tightening of monetary policy in addition weaker labor market data released on thursday is also likely to have added to concerns a labor productivity reading for the first quarter showed worker output had fallen at the fastest pace since 1947 while weekly unemployment insurance claims also came in slightly higher than expected aprils nonfarm payrolls report due out at 830 am et on friday is likely to be even more closely watched by investors economists surveyed by dow jones expect employers added 400000 jobs to nonfarm payrolls down slightly from 431000 in march the unemployment rate is expected to fall to 35 in april down from 36 in march according to dow jones higher wage growth data from this report in particular could provide more evidence for the fed to lean into its aggressive tightening of monetary policy fed governor christopher waller is due to speak at the 2022 hoover institution monetary conference at 715 pm et on friday reflecting on monetary policy in 2021 mike harris founder of cribstone strategic macro told cnbcs squawk box europe on friday that he believed the fed was using too blunt a tool kit to control inflation they need to effectively reprice household mortgage rates and household equity income because thats where a lot of consumer stimulus is coming from the wealth effect he said harris argued that the fed was focusing too much on rebalancing the job market as a solution which he believed was a policy mistake there are no auctions scheduled to be held on friday