Treasuries rose and 10-year yields fell 10 basis points as traders increased bets on the Federal Reserve to cut interest rates and Donald Trump's tariff plan weighed on risk appetite. The 10-year Treasury yield fell below 4.30 per cent, its lowest level in more than two months. Money markets hinted at further monetary easing by the Federal Reserve, fully digesting expectations for two 25 basis point rate cuts this year for the first time in four weeks. The 10-year Treasury yield hit its lowest level this year in the past week as investors grew more confident that the US economy was weakening and rate cuts would resume.