Traders 100% price in three Fed rate cuts this year

Odaily News U.S. Treasuries rose, with yields hovering at their lowest level since February, as investors see economic data supporting the Fed's three rate cuts this year. The 10-year yield fell below 4% for the first time since February, after manufacturing data reinforced the market's view. The rise in initial jobless claims last week suggests a slowdown in the labor market. Interest rate swap traders expect a 100% chance of a total rate cut of 75 basis points this year, which means that each of the next three rate meetings will cut rates by 25 basis points. (Jinshi)