US Jobs Surge in March Outpaces Expectations, Stoking Inflation Fears and Lifting Dollar

• U.S. payrolls increased by 303,000 in March, much higher than expected, sending dollar and bond yields higher • Data pushes out expectations for Fed rate cuts, with June cut odds falling to 54.4% • Stocks initially fell but recovered; still down over 1% for the week due to hawkish Fed comments • Next week's inflation data will further shape Fed rate cut bets • Asia shares fall, tracking Wall Street declines; Tokyo Nikkei down 2% on stronger yen