US Treasury bonds rose and are expected to record the third consecutive weekly gain, marking the longest consecutive rising time in three years.
Long-term government bonds led the gains, and the 30-year Treasury bond yield once fell by 5 basis points. The recent continuous rise in government bonds was due to expectations that the Fed will hint at the coming of an interest rate cut cycle at this week's meeting.
"If you look at market pricing, you will find that we have already digested the interest rate cut in September," said Erik Nelson, a macro strategist at Wells Fargo & Co. "Will there be two interest rate cuts? Of course. I think the bigger issue for the market is that interest rates may be cut six times or even more."