The ADP report has reshaped market expectations, with over 60% betting on a December rate cut.

Odaily Planet Daily reports that U.S. Treasury futures surged and the dollar index declined after ADP employment data showed the U.S. labor market was slowing. The implied yield on 10-year U.S. Treasury futures rose, with the implied yield falling 4 basis points from Monday's close of 4.12%. According to swap data linked to the policy meeting date, the money market also increased bets on a Federal Reserve rate cut, pricing in a greater than 60% probability of a rate cut next month. (Jinshi)