ADP report shows a slowdown in the U.S. labor market, with rate cut bets exceeding 60%

According to Jinshi reports, ADP's employment data shows that the U.S. labor market is slowing down, leading to a significant rise in U.S. Treasury futures and a decline in the U.S. dollar index. U.S. 10-year Treasury futures rose, with the implied yield dropping 4 basis points from Monday's close of 4.12%. The money market has increased bets on a Federal Reserve rate cut, pricing in a likelihood of over 60% for a rate cut next month.