Coin World News reports that after a significant decline in U.S. private sector employment data, U.S. Treasury prices rose sharply, prompting traders to increase their bets on interest rate cuts by the Federal Reserve this year. The interest rate swap contracts linked to the upcoming Federal Reserve meeting date indicate that the expected rate cut by the end of the year is 46 basis points, compared to the 42 basis points expectation before the data was released. Gregory Faranello, head of interest rate trading and strategy at Ameri Vet Securities, stated that the labor market has clearly weakened, and the market reaction is due to the seeming unlikelihood of an official non-farm payroll report being released on Friday.