Markets reacted to the advance in payrolls, with Treasury yields jumping after the report. Traders upped their bets of the Fed hiking rates by the end of July. For the Fed, however, policymakers will also be looking at the surge in the unemployment rate, which was the biggest one-month increase since April 2020. There were 440,000 more people out of a job in May, also the largest monthly rise since the onset of the pandemic.
