On April 7, as there are no signs that Trump will compromise on tariffs, expectations of an emergency rate cut by the Federal Reserve are rising.

Swap trading shows that the possibility of the Federal Reserve cutting rates by 25 basis points next week is about 40%, well ahead of the Fed's rate decision on May 7. Meanwhile, investors are selling off risks and buying bonds, causing yields to plummet.

On Monday, the most monetary policy-sensitive two-year U.S. Treasury yield fell by 22 basis points to 3.43%, and since Trump announced the tariffs, the two-year U.S. Treasury yield has fallen by a total of about 50 basis points. (Jin Shi)