Strong U.S. labor market data reduced bets on a Federal Reserve rate cut this year, causing U.S. Treasury prices to fall and yields to rise by 3 to 5 basis points, with the policy-sensitive two-year Treasury yield leading the gains. The market had previously expected the Fed to ease monetary policy by only about 1 basis point this year, compared to about 4 basis points before the report was released. David Robin, interest rate strategist at TJM Institutional Services LLC, said the Fed is "very likely to keep rates unchanged until the end of June, or even longer." He added, "This is pre-conflict data, but even so, it shows a higher baseline (for rate cuts)." (Jinshi)