Odaily News Analysts at TD Securities said the fate of global interest rate markets will ultimately depend on the Federal Reserve. TD Securities expects the Fed to cut interest rates further, which means that U.S. Treasury yields and other bond yields will fall. They said in a report: "We expect that as the easing cycle progresses, pricing in the Fed's long-term policy will ease, and the impact of falling Treasury yields will also be transmitted to other developed market bond markets." (Jinshi)