The yield on the US 10-year Treasury rose above 4.08% on Monday, extending its advance into a second session as investors awaited the Federal Reserve’s policy decision this week. Markets are pricing in about a 96% chance of a 25 basis point cut on Wednesday and around a 4% probability of a larger half-point move, after recent US data signaled a cooling labor market and subdued inflation. Traders are also watching whether Stephen Miran will be confirmed as a Fed governor in time for the meeting, while the Empire State Manufacturing Index due later today is expected to provide fresh insights into economic conditions.
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