GLONGHUI, May 22 | Payden & Rygel director and chief economist Jeffrey Cleveland said in a report that since the market's expectations for the Fed to cut interest rates once or 1.5 times in 2024 are “much more reasonable,” the valuation of short-term US bonds seems much more reasonable than before. He believes that 10-year US Treasury yields are currently within a reasonable valuation range, but he also pointed out that market prices may rule out the impact of further interest rate cuts and keep short-term treasury bond yields high. “I still think it is very likely that interest rates will not be cut throughout this year, and I think this will keep front-end yields high.”