According to ChainCatcher, Pepperstone analyst Michael Brown said the market seemed to overreact to the message from Fed Chairman Powell. The senior research strategist said in a report that the market currently expects the Fed to cut interest rates by only 31 basis points in 2025. The U.S. Treasury market reacted to the Fed's signal of slowing the pace of rate cuts, followed by a sell-off. According to Tradeweb data, the two-year Treasury yield fell about 1.5 basis points to 4.342%, while the 10-year Treasury yield rose about 2 basis points to 4.522%.