US Treasury Yields declined sharply across the Treasury curve following a report from the Wall Street Journal that suggested a 50bps cut at the FOMC meeting next week is possible.
The CME FedWatch Tool shows that markets are fully pricing in a 25 bps rate cut at the meeting next week, with a 41% chance of a 50 bps cut.
Nick Timiraos, a Wall Street Journal reporter known for having close ties to the Fed, suggested that the decision next week could be a close call.
On the other hand, RBA Governor Michele Bullock has maintained a hawkish outlook, saying last week that it is too soon to consider rate cuts as inflation remains too high.
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