US Treasuries Slump as Powell Dims Hopes for Fall Rate Cuts

US Treasuries declined as Federal Reserve Chair Jerome Powell dimmed expectations for an interest-rate cut in September, urging patience in the face of a still-strong labor market and above-target inflation.

While not ruling out a possible reduction, the central bank chair cited unknowns around tariffs and inflation as a reason for standing pat, prompting traders to ratchet back bets on more forceful Fed action in the months ahead.