Red hot U.S. payrolls pull rug under June Fed rate cut bet

LONDON (Reuters) -The dollar and bond yields rose on Friday after much stronger than expected growth in March U.S. payrolls sent investors scurrying to review their bets on when the Federal Reserve will cut interest rates. The U.S. Labor Department reported that nonfarm payrolls increased by 303,000 in March, far ahead of a forecast rise of 200,000 from economists polled by Reuters, potentially delaying rate cuts. U.S. Treasury yields rose on the prospect that the Fed would be in no rush to cut rates, while U.S. interest rate futures pared back the odds of cut in June to 54.4%. Hopes of the Fed beginning a cycle of rate cuts in June have helped to propel shares to record highs. “It…