Treasuries Climb as Oil Slump Boosts Bets on Fed Rate Cuts
Treasuries gained as a decline in oil prices and dovish comments from Federal Reserve officials boosted bets on US interest-rate cuts.
The two-year yield fell three basis points to 3.83%. Money markets fully priced in two quarter-point cuts from the Fed by the end of the year and a 25% chance of a third reduction, up from 13% on Monday. Traders also lifted the probability of a move in July to 20% from zero a week ago.
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