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Bonds gain | The world's largest bond market rose after the latest batch of economic reports reinforced speculation that the Federal Reserve will be able to cut interest rates this year to prevent a bigger US slowdown. Traders gearing up for the Fed's favored inflation gauge piled into Treasuries as several data points illustrated a downshift in growth tied to the central bank's higher-for-longer stance. Treasury 10-year yields fell four basis points to 4.29%. A $44 billion sale of seven-year notes saw solid demand. Swap markets are pricing in about 45 basis points of easing in 2024, which would equate to less than two quarter-point cuts. The S&P 500 fluctuated around 5,480. In late trading, Nike dropped after sales missed estimates.
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