Fed Cuts Rates for Third Time This Year, Signals One More in 2026

March 10-year T-notes (ZNH6) today are up +2 ticks. The 10-year T-note yield is down -2.2 bp to 4.166%. Mar T-note futures rebounded from a 3-month low today and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. Short covering also emerged in T-notes today after crude oil prices stumbled to a 2-week low, which lowered inflation expectations. In addition, position squar ...