The US 10-year Treasury yield held around 4.23% on Thursday, after dropping about 5 basis points in the previous session, as expectations for deeper Federal Reserve rate cuts this year kept pressure on yields. Softer US inflation data suggested President Donald Trump’s tariffs are not adding to price pressures, while signs of labor market cooling reinforced the dovish outlook. Markets have nearly fully priced in a September rate cut, with some anticipating a larger 50-basis-point move. Treasury Secretary Scott Bessent also called for multiple cuts, saying the Fed could begin easing with a half-point reduction. Investors now await July’s producer price index and weekly jobless claims for further policy signals.
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