Traders 100% priced in three rate cuts by the Federal Reserve this year.

Odaily Odaily News: U.S. Treasuries rose, with yields hovering at their lowest level since February, as investors believe economic data supports the Fed's three rate cuts this year. The 10-year yield fell below 4% for the first time since February, and the previously released manufacturing data reinforced the market's view. The increase in the number of initial jobless claims last week indicated a slowdown in the labor market. Interest rate swap traders expect a 100% chance of a total rate cut of 75 basis points this year, which means that each of the next three interest rate meetings will cut interest rates by 25 basis points. (Jinshi)