According to U.S. media reports, U.S. employment growth in May exceeded all economists' expectations, with the unemployment rate remaining stable, further indicating that the labor market may be emerging from a period of prolonged weak hiring. Data released by the U.S. Bureau of Labor Statistics on Friday showed that nonfarm payrolls increased by 172,000 in May, while data from the previous two months were both revised upward. This brought employment growth over the past three months to its strongest level in more than two years. The report suggests that despite recent energy price increases driving consumer confidence to historic lows, the U.S. labor market is regaining strength after employment growth nearly stalled last year. The data may also increase pressure on the Federal Reserve to consider raising interest rates to curb inflation. Following the data release, U.S. Treasury bonds experienced a sell-off, with the two-year Treasury yield rising more than 7 basis points to 4.1%. Interest rate swap markets showed that market expectations for a Fed rate hike have increased, with markets now almost fully pricing in the possibility of a 25-basis-point rate hike by the end of the year. (Jin Shi)