The U.S. Treasury note yield saw a significant increase on Tuesday, following gains from the previous session. As traders reevaluated the possibility of the Federal Reserve cutting rates in June, the benchmark rate rose almost 7 basis points to 4.397%, its highest level since November 28.
Investors were cautious about the likelihood of a rate cut after data released by the Institute for Supply Management (ISM) showed that manufacturing in the U.S. expanded for the first time in 17 months. The ISM manufacturing index increased to 50.3, surpassing the consensus estimate and indicating growth.
Market analysis suggests that the Fed is taking a conservative approach, waiting for further data before making any decisions on interest rates cuts. While market pricing currently anticipates three rate cuts with a possible start in June, it remains contingent on economic data trends. The Federal Reserve decided to maintain interest rates for the fifth consecutive time last month, keeping overnight borrowing rates steady in a range of 5.25%-5.5%.
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