Mumbai, June 8 -- Treasury yields jumped Friday after a stronger-than-expected May jobs report reinforced the view that the U.S. labor market remains resilient and dampened traders' hopes for rate cuts.

The benchmark 10-year U.S. Treasury which influences borrowing costs on mortgages and other loans, rose more than 6 bps to 4.54%, its highest level since May 21. The 2-year Treasury yield which is more sensitive to Federal Reserve policy expectations, climbed more than 11 bps to 4.16%, reaching its highest level since Feb. 25, 2025.

The longer-dated 30-year Treasury bond yield which moves in line with broader geopolitical risks, gained nearly 3 bps to 5%. One basis point is equal to 0.01% and yields and prices move in opposite directions...