A two-month slump has all but wiped out the US Treasury market’s gains for the year, as traders brace for Donald Trump’s return and also the chance of slower interest-rate cuts from the Federal Reserve.

Strong U.S. economic and inflation data continue to reshape the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.

Boston Fed President Susan Collins said it was too soon to say whether the Fed should cut interest rates next month.

Federal Reserve Bank of Boston President Susan Collins said a December interest-rate cut remains on the table, emphasizing the central bank’s decision will be guided by incoming data.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.

Fed watchers see a greater chance the central bank may skip a rate cut at its last meeting of the year in December.

Bond traders are giving only slightly better-than-even odds to an interest-rate cut next month as resilient economic data empowers Federal Reserve officials to take a more cautious approach to easing.

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