10-year Treasury yield ends with biggest weekly decline in a year, following Fed’s dovish pivot

Ten- and 30-year Treasury yields finished Friday with their biggest weekly declines in more than a year as government debt rallied on the prospect of rate cuts in 2024 by the Federal Reserve.

What happened

What drove markets

On Friday, a pair of Fed officials pushed back on the possibility of rate cuts beginning early next year, even as fed-funds futures traders clung to a 69.4% chance of at least a quarter-point reduction by next March.In an interview with CNBC, New York Fed President John Williams said it…