A selloff in the $28 trillion Treasury market deepened after a blowout US employment report reinforced bets among traders and Wall Street economists that the Federal Reserve will hold off on further interest-rate cuts.

US Treasuries plunged on Friday after data showed the labor market grew in December, sending the 30-year bond’s yield above 5% for the first time in more than a year. That built upon a recent selloff in global bonds as investors grow anxious over the prospect of lingering inflation and widening fiscal deficits — including in the US as President-elect Donald Trump returns to the White House.