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Treasuries Slump as Traders Push Fed Rate-Cut Bets Out to July
US Treasuries declined as traders increasingly dialed back bets on the pace and scope of monetary easing expected from the Federal Reserve this year. Traders in interest-rate swaps have pushed back the timing for the full first, quarter-point rate cut from the Fed to the central bank’s July meeting. Treasuries across the curve extended this week’s slide, leaving 10-year yields on pace for their biggest weekly increase this year. Policy-sensitive two-year yields were up more than two basis points on the day to 4.72%. “The biggest risk for next week is that we all look at the 2024 dot, and it says 50, not 75 ... (full story)