Some analysts see a disconnect between the Fed's likely path and market expectations.
Labor Department data on Friday showed that nonfarm payrolls increased by 236,000 jobs last month, just shy of the 239,000 expected by economists in a Reuters poll.
The labour market is still too tight for the Fed to lower inflation to its 2% target without further interest rate hikes, said Mansoor Mohi-uddin, chief economist at the Bank of Singapore. Markets are now pricing in 66% chance of the Fed raising interest rates by 25 basis points in its May 2-3 meeting, according to CME FedWatch tool.due on Wednesday that will shape the path the Fed will take in its battle against prices. Minutes of the central bank's last meeting in March are also scheduled to be released on Wednesday.
The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 13 basis points at 3.951%, while the yield on 10-year Treasury notes rose 8.8 basis points to 3.378%.
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