The recent softening of US job openings data has fueled a global bond rally, prompting Treasury yields to drop for the fourth consecutive day, hitting 4.32%, the lowest since mid-May. The decline follows a significant slide in April’s JOLTS job openings, signaling a potential cooling of the US economy. Traders are now factoring in higher chances of Federal Reserve interest-rate cuts, possibly starting as early as November, with Fed officials likely to address these expectations in their upcoming meeting. Despite indications for a possible September cut, uncertainties remain as the market awaits May’s employment report and inflation data. Analysts suggest that the 10-year note’s yield may test its low end since April 2, currently at 4.309%, amidst cautious buyer sentiment following last week’s yield surge triggered by unexpected inflation data challenging the consensus for Fed rate cuts.