Odaily News With no sign that Trump will back down on tariffs, expectations are rising for an emergency rate cut from the Federal Reserve. Swaps show about a 40% chance that the Fed will cut rates by 25 basis points next week, well before the central bank's rate decision scheduled for May 7. At the same time, investors have dumped risk and snapped up bonds, sending yields tumbling. On Monday, the yield on the two-year U.S. Treasury note, the most sensitive to monetary policy, fell 22 basis points to 3.43%, bringing the total drop to about 50 basis points since Trump announced the tariffs. (Jinshi)