2-year Treasury yield on pace for biggest one-day decline since July 13 as fed funds futures traders slightly boost expectations of no more rate hikes this year

The policy-sensitive 2-year Treasury yield was on track for its biggest one-day decline since July 13 as of Tuesday morning, after U.S. data showed that job openings fell to a 28-year low in July. The rate was down 12.7 basis points at 4.921% versus 5.048% on Monday — that compares with a 12.9-basis-points decline seen in mid-July. Meanwhile, fed funds futures traders slightly boosted the likelihood that the Federal Reserve will keep the main interest-rate target at between 5.25%-5.5% through December. They now see a 46.7% chance that the fed funds rate will remain in its current range in December, up from 39% a day ago.