Job Growth Stronger Than Expected in May

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The U.S. economy generated 280,000 new jobs in May, a much stronger than expected result. Investors interpreted the strong job growth to imply that the Federal Reserve might begin raising interest rates sooner than expected, which sent bond prices down and caused yields to spike upward. The widely watched ten-year U.S. Treasury yield started the week at 2.1% and rose to 2.4% by Friday, the highest it had been since last October.

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