According to the Securities Times app, in September in the United States,non-farm payroll dataunexpectedly strong, reducing the possibility of a significant rate cut by the Federal Reserve. US Treasury bonds continued their decline from late last week, falling further on Monday, with the benchmark US bond yield returning to 4% for the first time since August, with the 10-year US bond yield rising by 4 basis points to 4.01%, and the 2-year US bond yield rising by 8 basis points to 4%.

These actions reflect people's doubts about the Fed's next steps. The forward market no longer fully reflects the possibility of an 25 basis point rate cut by the Fed in November, marking the first time since August 1st that the expected rate cut by the end of the year has fallen below 50 basis points.

Including Goldman Sachs strategist George Cole wrote in a report: 'We expect yields to be higher, but expect some gradual adjustments. The strength of the September employment report may accelerate this process, triggering a new round of debate on the extent of policy constraints, and thus the possible extent of a rate cut by the Fed.'

European bonds fell following US ​​treasuries. The German 10-year treasury yield rose by 4 basis points to 2.25%, the highest level in over a month, while the UK 10-year treasury yield rose by 6 basis points to 4.19%.

Last Friday's bond market sell-off after the release of employment data was just the latest twist in a year that has seen investors adjust their expectations for the economy and Fed policy multiple times. Last week, driven by strong growth in new orders, US September service activity rose to the highest level in a year and a half, exceeding all expectations and catching traders off guard, further questioning the faster-than-expected deterioration of the US economy.

Short-term US treasuries, which are more sensitive to monetary policy, performed poorly, leading a key part of the yield curve to once again flirt with inversion. Historically, bond yield curves slope upwards, with longer-term bond yields higher. This norm was broken almost two years after the Fed's aggressive rate hikes. The yield curve began normalizing last month, with the 2-year treasury yield falling below the 10-year yield.

Traders are eagerly anticipating speeches by Fed policy makers for further clues on interest rate trends. Minneapolis Fed President Neel Kashkari, Atlanta Fed President Raphael Bostic, St. Louis Fed President Alberto Musalem, and Fed Governor Michele Bowman spoke at different events on Monday.

The market is also awaiting US inflation data to be released later this week. The September Consumer Price Index (CPI) is expected to rise by 0.1%, the smallest increase in three months. Fed Chair Powell indicated that officials' forecasts and the rate decision in September suggest two 25-basis-point rate cuts at the remaining meetings this year.

Dario Perkins, Managing Director at TS Lombard, said: "Inflation can reach tolerable levels without a recession, so the Fed is easing policy rather than waiting for real economic weakness." "By now, everyone should realize that the Fed is preemptively cutting rates."

Samy Chaar, Chief Economist at Lombard Odier Bank in Switzerland, said: "The results from last week are very clear - if we focus solely on the macroeconomic situation, there is no sign of a recession or inflation. Central banks around the world are in a rate-cutting cycle, with China contributing to this trend, so let's enjoy it."