(Updates prices) By David Randall NEW YORK, June 25 (Reuters) - The yield of the benchmark 10-year Treasury jumped above 1.50% Friday to close out a week in which yields notched their largest weekly gains since March. The moves higher came after the Federal Reserve"s main inflation reading rose 3.45%, the most in 29 years, as supply constraints and increased demand for services helped lift prices in May. Overall, consumer spending remained flat last month, following an upwardly revised 0.9% jump in April. The pace of inflation will not likely be enough to prompt the Fed to deviate from its plan to raise interest rates twice in 2023 or to begin tapering its support of the bond market, analysts said. Bond yields fell sharply last week after the Fed"s hawkish tone at its policy meeting surprised many investors. "We don"t believe that this data will impact the Fed"s current plans for reducing extraordinary stimulus and rate hikes," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. "They haven"t publicized their plans explicitly, but between the most recent Dot Plot and Fed speeches, they have shown interest in beginning a tapering plan in the next 6-12 months." The yield curve - a measure of expectations of future economic growth - steepened slightly, with the spread between 5- and 30-year Treasury yields edging up to 123.80 basis points from 118.60 the day before. "Today"s inflation data was another vote of confidence for the inflation is transitory camp," said Edward Moya senior market analyst, The Americas, at OANDA. Treasury yields are likely to trade in a tight trading range given that "we see no obvious trigger on the horizon that would warrant another repricing ahead of next week"s employment report," said Ian Lyngen, head of U.S. Rates Strategy at BMO Capital Markets. Benchmark 10-year Treasury yields rose to 1.5377%, while shorter-term 2-year Treasury yields edged up to 0.4812%. Long duration 30-year Treasury yields rose to 2.1723%. Price Current Net Yield % Change (bps) Three-month bills 0.0525 0.0532 0.000 Six-month bills 0.055 0.0558 0.000 Two-year note 99-182/256 0.27 0.002 Three-year note 99-82/256 0.4812 0.008 Five-year note 99-186/256 0.9311 0.024 Seven-year note 99-180/256 1.2945 0.038 10-year note 100-204/256 1.5377 0.051 20-year bond 102-108/256 2.1003 0.073 30-year bond 104-112/256 2.1723 0.077 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 6.75 0.00 spread U.S. 3-year dollar swap 10.00 0.25 spread U.S. 5-year dollar swap 5.75 0.25 spread U.S. 10-year dollar swap -4.25 -1.25 spread U.S. 30-year dollar swap -33.00 -1.50 spread (Reporting by David Randall; editing by Jonathan Oatis) Our Standards: The Thomson Reuters Trust Principles.