The yield on the benchmark US 10-year Treasury note jumped above a 1-year high of 1.6% before retreating to 1.56%, after a strong jobs report raised expectations of a solid economic recovery and a rise in inflation rate in the coming months. Federal Reserve Chairman Jerome Powell said on Thursday that the economic reopening could boost inflation temporarily and that the US economy was going to start to see stronger employment in the next few months. However, Powell noted that the central bank was still a long way from its inflation and employment targets, and that any change in the Fed's QE would need actual progress towards those goals. A recent rally in bond yields has been supported by prospects of a swift economic recovery, helped by the coronavirus vaccine rollout and further fiscal support. source: U.S. Department of the Treasury