US Treasury Yields Fall as Powell Keeps Rate-Cut Bets Alive

US Treasury yields fell to the lowest levels in weeks after Federal Reserve Chair Jerome Powell’s comments left intact expectations for two more interest-rate cuts by the end of the year.

Following Powell’s speech to business leaders in Philadelphia, yields fell as much as three basis points, led by shorter-dated tenors that are more sensitive to changes in monetary policy. The rate on benchmark 10-year notes dipped to 4.02%, around levels last seen in early September.