According to Golden Finance, U.S. bond investors have begun to bet that the Federal Reserve's policy focus will shift from curbing inflation to coping with slowdowns in economic growth. Under this expectation, U.S. Treasury bonds have risen for six consecutive trading days, with yields falling to their lowest level this year. Morgan Stanley strategists said that if the market's expectations for Fed policy change slightly, the 10-year U.S. Treasury yield may fall below 4%. Traders have recovered expectations of the Fed's two rate cuts this year (25 basis points each) and are expected to cut further to about 3.65% next year. The bank believes that if the market expects interest rates to fall to 3.25%, the 10-year U.S. Treasury yield may fall below 4%. (Jin Shi)