SINGAPORE, June 2 (Reuters) - Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. Harry Ottley, an economist at Commonwealth Bank of Australia, said the signs of slowing wage pressure has raised hopes that the Federal Reserve will pause raising interest rates in two weeks. Comments from Fed officials also helped embolden Fed pause hopes, with Philadelphia Federal Reserve President Patrick Harker saying U.S. central bankers should not raise interest rates at their next meeting. In early Asian hours, the two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 0.6 basis points at 4.347%, having slipped around 5 basis points on Thursday. The yield on 10-year Treasury notes was up 0.2 basis points to 3.610%, while the yield on the 30-year Treasury bond was down 0.6 basis points to 3.829%.

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Persons: Chuck Schumer, Harry Ottley, CBA's Ottley, embolden, Patrick Harker, Harker, Sterling, Brent, Ankur Banerjee, Lincoln Organizations: Federal Reserve, U.S, Senate, Democratic, Treasury, Japan's Nikkei, Commonwealth Bank of Australia, Federal, Traders, U.S . House, Labor, Philadelphia Federal, Nasdaq, Thomson Locations: SINGAPORE, Washington, Asia, Pacific, Japan, China, Shanghai, U.S