Short-term US Treasury yields surged more than 10 basis points, and traders expect the Federal Reserve to cut interest rates only twice this year.

On Monday in New York afternoon trading, the yield on the 10-year US Treasury bond rose by 8.45 basis points to 4.4630%, remaining in an upward trend throughout the day, trading in a range of 4.3981% to 3.4669%. The yield on the 2-year US Treasury bond rose by 10.47 basis points to 3.9956%, with a trading range of 3.9077% to 4.0166% during the day, hitting a daily high at 19:02 Beijing time.