Expectations of a rate cut have pushed U.S. Treasurys higher, with yields hovering at their lowest levels since February, as investors see economic data supporting the Fed's three rate cuts this year.
The 10-year US Treasury yield fell below 4% for the first time since February after manufacturing data reinforced that view. A rise in initial jobless claims last week suggested a slowing labor market.
Interest-rate swap traders are pricing in a 100% chance of a total cut of 75 basis points this year, which would mean 25 basis points at each of the next three meetings.
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