"Surging 10-Year Treasury Yields Test US Stocks Amid Strong Jobs Report"

The 10-year Treasury yield rose after the nonfarm payrolls data for March exceeded expectations, with an increase of 303,000 jobs. The 2-year Treasury yield also climbed, reflecting market expectations of when the Federal Reserve will begin cutting interest rates. Minneapolis Fed President Neel Kashkari expressed doubts about the need for rate cuts if inflation remains above the Fed's 2% target, and interest rate futures indicate that traders don't expect any rate adjustments at the next few Fed meetings.