ADP report reshapes market expectations, with over 60% betting on rate cut in December.

According to employment data from ADP showing a slowdown in the US labor market, US Treasury futures surged significantly and the US dollar index declined. The futures for the 10-year US Treasury bond rose, with the implied yield dropping by 4 basis points from Monday's close of 4.12%. Interest rate swap data linked to the policy meeting date also showed an increase in bets on a rate cut by the Federal Reserve, with the probability of a rate cut next month exceeding 60%.