Golden Finance reported that investors flocked to the two-year Treasury bonds issued by the U.S. Treasury, indicating that the market believes that the Federal Reserve will start cutting interest rates this year. The allocation size of $69 billion is in line with historical records, and the winning yield is 4.434%, which is more than 2 basis points lower than the pre-issuance trading level when the bids closed at 1 pm Eastern Time. This is the lowest level of winning yields on two-year Treasury bonds since January. The issuance size in January was $60 billion. John Canavan, an analyst at the Oxford Economics Institute, said that the market expects the Federal Reserve to lay the foundation for a September rate cut next week, and this prospect "maintained strong demand for short-term U.S. Treasuries this month, which continued into this afternoon's auction."