treasury yields jumped on friday led by a rise in the 3year rate after aprils us jobs report showed a sharp rise in wages and strongerthanexpected 253000 new jobs created data released on friday showed the us created 253000 new jobs in april above expectations and that wages rose a sharp 05  indicating the labor market remains strong despite a slowing economy the unemployment rate fell to 34 from 35 economists polled by the wall street journal had expected 180000 job gains for april and the unemployment rate to tick up to 36the data threw a wrench into market expectations for a rate cut by the federal reserve as soon as june given concern that regional bank jitters might spill over and the us economy might slip into recession as of friday morning fed funds futures dropped the chance of a june fed rate cut to zero from 92 on thursday instead they saw a 926 likelihood of a pause next month and slight 74 chance of another quarterpoint hike however traders priced in a decent 36 chance of a fed rate cut for july what analysts are saying the jobs report was uncomfortably strong for policy makers who are trying to tame inflation said matt peron director of research at janus henderson investors the best you can say from todays report is that job growth is slowing when looking at the average over the past few months however wages were stubbornly high and thats a key aspect of the report for the fed and markets our concern is that policy rates will have to remain high which could pressure earnings and equity multiples todays data reinforces those worries this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal