Bond traders bring forward expectations for first Fed rate cut to November

Bond traders brought forward their expectations for the first rate cut by the Federal Reserve by a month to November; the U.S. jobs report will be released on Friday. The re-pricing came after the Fed held its latest policy meeting on Wednesday, and short-term U.S. Treasuries saw their biggest two-day rise since January. The yield on the 2-year Treasury note, which is most sensitive to interest rates, has fallen 17 basis points to 4.87% from Tuesday's year-high of 5.04%. (Cai Lianshe)