A firmer-than-expected U.S. June jobs report leads Goldman Sachs economists to bring forward their Fed rate-cut expectations and lower the terminal rate, pointing to a lower range for U.S. yields across the curve.

Data surprises with strong payroll gains and revisions Jobless rate drops to 4.1%, with more people leaving workforce Immigrant workforce shrinks for a third straight month Strong report slams door on for Fed rate cut in July Treasury yields climb;