The rally in the bond market has been even bigger, with the yield on two-year U.S. Treasuries now having plunged roughly 40 basis points since the news hit to 4.32%, its lowest level since May. With the current fed funds rate, or overnight borrowing rate, at 5.25% to 5.5%, two-year money at 4.32% shows a substantial belief that significant rate cuts are soon to come.