• The yield on the US 10-year Treasury note *rose to 4.28%* on Thursday, rebounding after initial declines.
• Market odds indicate a 70% chance of a rate cut in June and an 86% likelihood of a cut in July.
• The Fed did not formally announce any tapering in the pace of quantitative tightening, but Chairman Powell suggested it might be appropriate to ease the central bank's balance sheet runoff soon.
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