The two-year US Treasury yield once fell to an intraday low. Powell says interest rates have many paths.

The yield on the two-year US Treasury bonds fell to a intra-day low, dropping by about 3.8 basis points to around 3.83%. Prior to this, when asked about the possibility of a rate cut in July hinted by Fed Governor Waller, Powell said "There are many possible paths". The interest rate swap for the July 29-30 meeting currently only implies a 4 basis point rate cut expectation, and it is unlikely for the market to push this expectation higher until the next round of employment and inflation data for July is released.