Traders 100% priced in three Fed rate cuts in a year

U.S. Treasuries rose, with yields hovering at their lowest level since February, as investors argued that economic data supports the Federal Reserve cutting interest rates three times this year. 10-year yields fell below 4 percent for the first time since February, after manufacturing data reinforced the market's view. Initial jobless claims rose last week indicating a slowdown in the labor market. Interest rate swap traders expect a total of 75 basis points in the year the possibility of 100%, that is to say, the next three interest rate meeting will be cut 25 basis points each.