U.S. Treasury bonds rose after the Federal Reserve cut interest rates by 25 basis points, and the market is expecting another 50 basis point cut before the end of the year.

After the Federal Reserve's decision to cut interest rates by 25 basis points, US Treasury futures rose, with traders expecting another 50 basis point rate cut in the October and December meetings later this year. The overall US Treasury yield curve decreased by 2-3 basis points, with the 2s10s spread steepening after the decision announcement and returning to near flat levels. Overnight index swaps linked to the Fed meetings have turned dovish, with the current expectation for another 50 basis point rate cut in the October and December meetings, compared to the previous expectation of 44 basis points before Wednesday's decision announcement.