Treasuries Turn Up after Fed Slashes Rates

Longer-dated issues gained steam after another interest-rate cut signaled that the Fed is at the end of its easing cycle

The Fed's 50 basis point rate cut surprised the markets, and prices correspondingly gyrated wildly on the announcement. At the close, the yield on the two-year note was slightly higher, while that on the longer-dated instruments were slightly lower, flattening the curve modestly.

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