The yield on the US 10-year Treasury note jumped nearly 5 bps to 4.19% on Wednesday after a stronger-than-expected jobs report dampened expectations for Fed rate cuts this year. US nonfarm payrolls increased by 130K in January, while the unemployment rate unexpectedly fell to 4.3%, signalling a stable and more resilient labour market at the start of the year. Following the data, traders pushed back expectations for the next Fed rate cut, now fully pricing in a 25bps reduction by July, compared with June previously. Markets are currently pricing in a total of 49bps of easing by December, down from 59bps on Tuesday. Meanwhile, the two-year yield, which is more sensitive to monetary policy expectations, climbed nearly 8bps to 3.53%.