US hiring was far stronger than expected in May, with nonfarm payrolls up 172,000 versus consensus near 85,000, while unemployment held at 4.3%. Upward revisions to March and April added another 93,000 jobs, suggesting last year's hiring slowdown is fading. Gains were led by leisure and hospitality, local government and healthcare, though finance jobs fell. For investors, the key message is that the US economy still has momentum, so the Federal Reserve has less reason to cut rates while inflation remains above target. Stronger wage growth of 0.3% month-on-month also keeps price-pressure concerns alive. The market read this as 'higher rates for longer': US stocks sold off, led by technology, while Treasury yields rose, with the 10-year moving above 4.5%.