Odaily News U.S. Treasury yields surged as traders lowered their expectations for the Federal Reserve to cut interest rates sharply this year after the latest data showed the resilience of the U.S. economy. Traders reduced their bets that the Federal Reserve will cut interest rates sharply in September, and expected a rate cut of less than 30 basis points next month. They now expect the Fed to cut interest rates by a total of 92 basis points in the rest of 2024, down from more than 100 basis points before the data was released. (Jinshi)