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BondsMedium•3 April 2026•

1 min read

US Bond Yields Surge After Robust March Jobs Report Exceeds Expectations

Key Facts

1US bond yields rose following the release of a strong March jobs report that exceeded expectations.

2Stock futures ticked lower as investors remain concerned about the ongoing impacts of the Iran war.

3These movements occur as mortgage rates hit their highest level in 6 months.

US Treasury yields surged after the March Non-Farm Payrolls (NFP) report showed 178,000 jobs added, significantly outperforming market expectations of only 60,000. The report, released while financial markets were closed for the Good Friday holiday, also included a substantial downward revision to the previous month's data from -92,000 to -133,000 jobs. Despite the revision, the unemployment rate dipped to 4.3%, signaling a strong rebound from previous winter strikes and storms. Job creation remains concentrated in a few sectors, and rising uncertainty continues to make some employers hesitant about broader hiring plans. The data underscores the US economy's resilience against geopolitical headwinds, reinforcing the 'higher for longer' interest rate narrative. This strength potentially complicates the Federal Reserve's (FED) timeline for future rate cuts as mortgage rates hit 6-month highs. Market participants are now awaiting the full market reaction and upcoming FED communications for policy clarity.

5 days ago

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Version History

5 additional sources confirmed this story

Version 45 days ago

What changed: The story was updated to include the specific consensus forecast (60k), the significant downward revision to the previous month's data, and the timing of the release during the Good Friday market holiday.

Version 35 days ago

What changed: The update adds a specific data point regarding the unemployment rate, which fell to 4.3%, providing a more comprehensive view of the labor market health alongside the job addition figures.

Version 25 days ago

What changed: The story was updated to provide qualitative context on the employment rebound (recovery from storms/strikes), noting the concentration of job growth in limited sectors and employer caution, alongside resilience to Middle East tensions.

Version 15 days ago

What changed: Updated the report to include the actual NFP figure of 178K, the 4.3% unemployment rate, and the context of the Good Friday market closure.