Jamie Chisholm is a markets reporter based in London.
What’s happening What’s driving markets The retreat in benchmark yields triggered by a rush of buying once the 10-year Treasury offered more than 5%, and exacerbated by more bullish comments on bonds by hedge fund manager Bill Ackman and former Pimco boss Bill Gross, continued in early trading Tuesday.
Both Bills indicated Monday that interest rates may likely fall because the U.S. economy was less healthy than some recent headline data suggested. There has been a slight shift in the expected trajectory of Federal Reserve policy. But the chances of a 25 basis point rate hike to a range of 5.50 to 5.75% at the subsequent meeting in December is now priced at 24%, down from 38.5% a week ago.
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