(Bloomberg) -- Bond traders pulled forward expectations for the Federal Reserve’s first full interest-rate cut by a month to November ahead of a key US jobs ...
-- Bond traders pulled forward expectations for the Federal Reserve’s first full interest-rate cut by a month to November ahead of a key US jobs report on Friday.The recalibration came amid the best two-day rally for short-end Treasuries since January, following the central bank’s latest policy meeting on Wednesday. Yields on two-year notes, among those most sensitive to interest rates, have tumbled 17 basis points to 4.87% from their high for the year of 5.04% on Tuesday.
The bullish sentiment flowed into Asia, with the yields on Australian and New Zealand debt falling this week. The yield on policy-sensitive three-year Australian debt were three basis points lower at 4.04% in early trading Friday, while two-year New Zealand yields fell five basis points. Cash Treasuries are closed in Asia due to a holiday in Japan.
Another strong report — especially one that prompts more Wall Street banks to abandon forecasts for at least two Fed rate cuts this year — has the potential to induce traders to re-set short positions at better levels. The post-Fed rally was fueled in part by traders exiting bearish wagers, positioning data show.AI Is Helping Automate One of the World’s Most Gruesome JobsEarlier in the day, the U.S.
Basis Points Interest-Rate Treasury Yields Inflation Data Jerome Powell The Federal Reserve
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