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Bond Rally Gets a Boost From Mortgage Refinancings | Closing Bell
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August 13, 2025
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10:08Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
US Treasuries rallied the most in nearly two weeks after traders boosted bets that the Federal Reserve will cut interest rates at its next meeting.
Tuesday’s inflation report, largely seen as benign by investors, and a chorus of US officials calling for lower borrowing costs bolstered the case for a reduction in September.
Interest-rates swaps now fully price in a quarter-point move next month, with some traders piling into bets on it being 50 basis points. The benchmark 10-year yield ended the session five basis points lower at 4.24%.
The rally showed how market sentiment has shifted dramatically from two weeks ago, when expectations for a September cut were less than 50%. That started to change in the aftermath of a weak payrolls report — culminating in the firing of the Bureau of Labor Statistics commissioner — which intensified President Donald Trump’s campaign to force the Fed to bring borrowing costs down.
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