Despite 339,000 jobs being added in May, a drop in wage growth and a higher unemployment rate are likely to keep the Federal Reserve on hold this month whilst it considers a rate hike later this summer. With the federal-funds rate in the 5% to 5.25% range following a quarter-point increase in early May, policymakers are expected to skip a rate hike this month, but continue to monitor data. US Treasuries rose by 10 basis points to 4.46% following the jobs report release; the odds of a June rate hike rose to 31%, up from 24% on the previous day.