Its yield, which moves in the opposite direction, surged to 8.15 percent, from 8.10 percent on Thursday, the highest it has been since Aug. 13, 1991.

But in an even sharper move, the yield on the two-year note surged to 4.10 percent, its highest level since Aug. 5.

The yield on the benchmark 30-year bond surged past 7 percent, and settled at 7.01 percent.

After falling briefly, the yield on the closely watched long bond, a key indicator of inflation concerns, surged to a six-and-a-half-month high.

Within 30 minutes, the price of the Treasury's 30-year bond had fallen about 2 points, while its yield, which moves in the opposite direction, surged to about 7.28 percent.

On Tuesday, the yield on Mexico's benchmark 28-day Treasury bill surged 516 basis points, to 27.16 percent, its highest level in 20 months.

The yield on the Treasury's 10-year note has surged half a percentage point, to 4.34 percent, since the jobs report came out on April 2.

More adventurous investors might consider municipal bonds, whose recent prices have dropped sharply and whose yields have correspondingly surged.

Some analysts have projected that long-term yields could surge past 2 percent soon.

Earlier in the day, when stocks were much higher, the yield surged to 4.08 percent.