US president Donald Trump at the World Economic Forum in Davos, Switzerland, on Thursday. Photo: AP/Markus Schreiber
Traders’ expectations that the Federal Reserve will delay interest-rate cuts until later in 2026 were reinforced by US economic data showing resilience in the job market and consumer spending.
Short-maturity Treasury yields, reflecting expectations for Fed rate changes, rose, with the two-year note climbing more than 3 basis points to 3.62pc, the highest level since December 10. Thirty-year yields, however, were little changed on the day and near where they started the year.
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