Michael Brown, an Analyst at Pepperstone, stated that the market seems to be overreacting to the messages from Federal Reserve Chair Powell. This senior research strategist mentioned in a report that the market currently expects a mere 31 basis points cut in interest rates from the Federal Reserve in 2025. The U.S. Treasury market reacted to the signals of the Federal Reserve slowing down its rate cuts, which led to a sell-off. According to Tradeweb, the yield on the two-year U.S. Treasury note fell by about 1.5 basis points to 4.342%, while the yield on the ten-year note rose by about 2 basis points to 4.522%.