Treasury traders slash Fed-hike expectations as economy shrinks ...Qatar

Treasuries rallied, dragging yields down sharply, as traders pared expectations for how much policy tightening the Federal Reserve will do based on a weak initial estimate of the US economy’s performance in the second quarter. Shorter-tenor securities led the way, with yields on three-year and five-year notes at one stage tumbling as much as 19 basis points, while the 10-year note’s yield was down as much as 14 basis points to 2.65%, the lowest level since mid-April. Swaps referencing Fed meeting dates now show traders expect the fed funds rate to peak around 3.25% before the end of this year, less than a percentage point above its current level. The move follows a dive in front-end rates o

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