Traders have reduced their expectations for Federal Reserve interest rate cuts, with market pricing indicating a 50% probability of a second 25-basis-point reduction this year. The yield on the two-year U.S. Treasury note climbed 11 basis points to 3.58%, reaching its highest level in a month. Money market pricing now reflects an anticipated 37 basis points of Fed rate cuts by year-end, down from Monday's projection of 50 basis points.
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