Photo: The U.S. Treasury building in Washington, D.C., on June 3, 2023. The U.S. Treasury building in Washington, D.C., on June 3, 2023.

Bond traders are bracing for another tumultuous week in which key employment data could push yields on 10-year Treasuries toward 4 percent, a level that market watchers see as likely to lure investors into government debt.

The benchmark U.S. rate rose to within striking distance on Thursday, climbing as high as 3.89 percent after an upward revision to first-quarter U.S. economic growth and a drop in initial jobless claims sparked the biggest day for Treasuries in more than three months. Yields for most tenors approached the highest levels seen so far this year, while wagers that the Federal Reserve might cut interest rates this year fizzled.

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