Traders on Friday raised bets that the Federal Reserve will hike interest rates before the end of the year after a U.S. government report showed employers added far more jobs than expected last month.

Implied yields on contracts tied to the Fed policy rate rose, pointing to a nearly 50% chance the Fed will lift the benchmark short-term borrowing rate to the 5.50%-5.75% range at its December meeting. Before the jobs report, traders has given a quarter-point rate hike then about a 34% chance.

(Reporting by Ann Saphir; Editing by Christina Fincher)