Odaily News Michael Brown, senior research strategist at Pepperstone, said in a report that U.S. Treasuries are likely to extend Tuesday's gains. Tuesday's gains were led by long-term bonds, but may be restrained to some extent by a large number of new corporate bond issuances. "While safe-haven demand may extend these gains, if this demand continues in the coming trading days, when the market begins to re-price the Fed's outlook to a hawkish direction, a new sell-off in front-end Treasuries and a new round of curve steepening should become a reality." He said that the current money market's expectations that the Fed will cut interest rates by 100 basis points by the end of the year are still too optimistic. (Jinshi)