Jamie Chisholm is a markets reporter based in London.
Bond yields fell sharply early Tuesday as the Treasury market reopened after an extended weekend and traders priced in signs the Federal Reserve may not raise rates again in this cycle.
Treasury futures are down 0.2% on Tuesday, but that still leaves benchmark yields in the reopened cash market sharply lower from Friday’s close. The chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in December is priced at 25%, down from 40% a week ago. The New York Fed will publish its survey of consumer expectations, including views on inflation, at 11 a.m. and indeed there are also a number of Fed officials making official appearances and speeches on Tuesday.
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