U.S. Treasury bond gains widen, global stock markets fall, boosting demand for safe-haven assets

Amidst a global stock market plunge and increasing bets on the Fed rate cut in the currency market, safe-haven buying has driven the bullish trend in US bonds. The 2-year US Treasury yield fell by 7 basis points to 4.36%, the lowest level since February; the yield spread between 2-year and 10-year US Treasuries widened by 5 basis points to 15.5 basis points. Traders are currently betting on a 68 basis point rate cut by the Fed this year, with Wednesday's forecast at 64 basis points