The yield on the US 10-year Treasury note fell to 4.12% on Tuesday, as traders awaited delayed economic data releases, including the closely watched jobs report due later this week. These updates are expected to provide a clearer picture of the US economy and the likely path of Federal Reserve interest rates. In recent weeks, several Fed officials have cautioned against another reduction in December, citing concerns about persistent inflation. Meanwhile, Fed Governor Chris Waller and Fed Vice Chair Philip Jefferson on Monday highlighted risks to the labor market, with Waller reaffirming his support for a rate cut next month, while Jefferson suggested the central bank should proceed “slowly” with any further cuts. Market expectations for a 25bps rate cut in December have eased to around 43%, down sharply from last week’s levels.
