According to PANews, the release of the US Personal Consumption Expenditures (PCE) data led to a decrease in US Treasury yields. The yield on the 10-year Treasury note fell by 2.4 basis points to 4.528%. Similarly, the yield on the two-year Treasury note slid to 4.922% after the PCE data was made public.
In the wake of the data release, US short-term interest rate futures saw an increase, as traders upped their bets on a Federal Reserve rate cut. The interest rate swap market pricing remained stable, with expectations that the Federal Reserve will have at least one rate cut by 2024.