Six-month through 30-year Treasury yields jumped on Friday, led by a rise in the 3-year rate, after data showed the U.S. added a better-than-expected 253,000 jobs in April. The 3-year rate rose 16 basis points to 3.608%, while the policy-sensitive 2-year yield jumped 14 basis points to 3.879% in morning trading. Meanwhile, fed-funds futures traders dropped the likelihood of a rate cut by the Federal Reserve in June to zero, from 9.2% on Thursday. Instead, they see a 97.2% chance of a pause and a slight 2.8% likelihood of another quarter-point hike next month. They still held on to a decent 38.1% likelihood of a rate cut in July, however.
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