According to online reports, U.S. bond investors are beginning to bet that the focus of the Fed's policy will shift from curbing inflation to responding to slowing economic growth. Against this expectation, US bonds have risen for six consecutive trading days, and yields have fallen to their lowest level during the year. Morgan Stanley strategists said that if the market's policy expectations change slightly, the 10-year U.S. bond yield could fall below 4%. Traders have now resumed expectations that the Federal Reserve will cut interest rates twice this year (25 basis points each) and expect further interest rates to about 3.65% next year. The bank believes that if the market expected interest rate drops to 3.25%, the 10-year U.S. bond yield may fall below 4%. (Jin Shi)