Portfolio Manager, George Bell, covers data from the US and the impact on bond markets. For the first time since mid Summer, the US treasury is above 4% after the surprisingly strong employment data released on Friday. In turn, the market has moderated their expectations of another 0.50% rate cut in November, but still expecting two 0.25% between now and the end of the year, followed by a further 1.0% worth of cuts in 2025.