The yield on the benchmark two-year Treasury note jumped to its highest level in more than 10 years Friday after the economy added more jobs than expected in August and wages posted their biggest increase of the post-recession period.

The Labor Department said nonfarm payrolls grew by 201,000 in August while average hourly earnings rose 2.9 percent for the month on an annualized basis, evidence that the long-awaited rebound in wages may be starting to show. Economists polled by Reuters had expected payrolls to increase by 191,000.

The yield on the benchmark 10-year Treasury note rose after the jobs results and was higher at around 2.939 percent at 4:09 p.m. ET, while the yield on the 30-year Treasury bond was up at 3.102 percent. Bond yields move inversely to prices. The yield on the two-year note was last seen at 2.707 percent, its highest level since July 30, 2008.

The unemployment rate, meanwhile, held steady near a low of 3.9 percent. Average hourly earnings jumped 10 cents during the month, the largest increase in the rate since April 2009 and likely offering ammunition to hawkish Federal Reserve officials who are eager to curb burgeoning signs of inflation.

Yields slipped from their highs midday after multiple news sources reported that President Donald Trump said another $267 billion in China tariffs are ready to go in addition to the $200 billion already proposed.