U.S. Treasury yields jumped to their highest level since November 2023 after the latest jobs data came in stronger than economists had forecast.

The 10-year Treasury yield added nearly six basis points at 4.745%. The 2-year Treasury surged more than 10 basis points at 4.369%.

One basis point is equal to 0.01% and yields and prices move in opposite directions.

December’s nonfarm payrolls reading showed much stronger-than-expected job growth. Nonfarm payrolls soared by 256,00 for the month, up from 212,00 in November, the Bureau of Labor Statistics reported Friday. Meanwhile, economists had forecast job growth to rise by 155,000 jobs in December, according to Dow Jones.

The unemployment rate inched lower to 4.1%, one-tenth of a point below expectations.

The strong labor market data makes it less likely that the Federal Reserve will lower interest rates at its policy meeting later this month. Fed funds futures trading data is currently pricing in less than 3% odds of a rate cut at the next meeting.

Fed meeting minutes from December, released Wednesday, showed that officials were worried about inflation and the effect of President-elect Donald Trump’s policies, and indicated that they would be moving more slowly on interest rate cuts in 2025.