After the sharp decline in US private sector employment data, US Treasury prices rose, prompting traders to increase their bets on a rate cut by the Federal Reserve this year. Interest rate swap contracts linked to the upcoming Fed meeting date show that the expected rate cut by the end of the year is 46 basis points, compared to the 42 basis points expected before the data was released. Gregory Faranello, head of interest rate trading and strategy at Ameri Vet Securities, said that the job market has clearly weakened, and the market reaction is because the likelihood of the official non-farm employment report being released on Friday seems unlikely.