The dollar weakened and Treasuries extended their November rally on speculation the Federal Reserve is done with interest-rate hikes and will be able to ease policy next year. The Japanese yen and New Zealand dollar led gains as the greenback lost ground against all of its Group-of-10 peers. Fed swaps are anticipating over 100 basis points of rate cuts by the end of 2024 after Governor Christopher Waller said the bank is well positioned to push inflation to a 2% target. Billionaire investor Bill Ackman said the Fed could begin cutting interest rates as soon as the first quarter, sooner than markets expected. “The US ... (full story)