Bond traders have brought forward expectations for the timing of the Federal Reserve's first interest rate cut by one month to November; the US will release employment data on Friday. This repricing came after the latest policy meeting of the Federal Reserve on Wednesday, during which short-term US Treasury bonds experienced their largest two-day rise since January. The yield on the most interest-sensitive two-year Treasury bond has fallen 17 basis points from its year-to-date high of 5.04% on Tuesday to 4.87%.
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