{"id":124893,"date":"2025-08-28T16:13:14","date_gmt":"2025-08-28T20:13:14","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/treasury-bulls-see-data-shocks-swaying-fed\/"},"modified":"2025-10-02T17:56:08","modified_gmt":"2025-10-02T21:56:08","slug":"treasury-bulls-see-data-shocks-swaying-fed","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/treasury-bulls-see-data-shocks-swaying-fed\/","title":{"rendered":"Treasury bulls see data shocks swaying Fed"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f4eb5a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Treasury bulls see data shocks swaying Fed<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/shutterstock_2074659229-11.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stockmarket online trading chart candlestick\" title=\"Stockmarket online trading chart candlestick\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f6b40f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">August 28, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f6e7e0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Despite Trump&#8217;s public campaign against Powell, it is weak economic data, not political attacks, that&#8217;s driving market expectations for rate cuts, with Treasury yields experiencing their sharpest decline in over a year.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">The 10-year Treasury yield experienced its largest drop in more than a year following July&#8217;s jobs report, signaling an increased likelihood of a rate cut similar to the one one following the July 2024 jobs report.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Despite above-target inflation, markets signal that price pressures no longer justify restrictive monetary policy amid deteriorating employment conditions.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f71e56'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 aria-level=\"2\">Background<\/h2>\n<p><span data-contrast=\"auto\">Following months of criticism over Federal Reserve Chair Jerome Powell\u2019s decision to hold interest rates steady, President Donald Trump announced he may name the next Fed Chair \u201c<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-13\/trump-signals-he-ll-announce-fed-chair-pick-a-little-bit-early\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">a little bit early.<\/span><\/a><span data-contrast=\"auto\">\u201d Trump has been publicly pressuring Powell to lower rates, <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-01\/trump-urges-fed-board-to-assume-control-if-rates-are-not-cut\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">calling for his resignation<\/span><\/a><span data-contrast=\"auto\"> and discussing firing him, but also recently said he would wait for his term to end in May 2026.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Trump recently nominated Stephen Miran, chair of the White House\u2019s Council of Economic Advisers, to fill a seat on the Fed\u2019s Board of Governors that ends in January. Miran is to replace <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-01\/fed-governor-adriana-kugler-to-resign-effective-aug-8\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">exiting Fed governor Adriana Kugler<\/span><\/a><span data-contrast=\"auto\">, who announced her early resignation in August 2025.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f7d881'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_51345825259385863\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bquant\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"BQuant Desktop\"\n        >\n                      BQuant Desktop\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">Fed chairs typically leave the central bank at the end of their term. Powell, who Trump nominated for Chair in 2017, has declined to say whether he\u2019ll depart in May. If he chooses, he can stay on as a governor until 2028. That would limit Trump\u2019s options to replace Powell as he would have to either put his intended chair into the seat Miran will hold until January, and promote them to Chair in May, or select someone already on the Board of Governors.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-11\/bessent-expands-fed-chair-search-to-bowman-jefferson-and-logan\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">reportedly under consideration to serve as chair<\/span><\/a><span data-contrast=\"auto\"> of the central bank when the position opens next year. In July, when the Fed\u2019s rate-setting panel opted to hold interest rates steady for the fifth consecutive time, Bowman and Fed Governor Christopher Waller dissented in favor of a quarter-percentage-point cut. Waller is also said to be <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-07\/waller-emerges-as-favorite-for-fed-chair-among-trump-team\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">shortlisted for the Chair role<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f812f1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8366598812146732134\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d8ed4f84515'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 aria-level=\"2\"><span data-contrast=\"none\">The issue<\/span><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559739&quot;:0}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Treasury investors are betting surprisingly weak job and inflation data will force the Fed to cut rates where President Donald Trump\u2019s attacks on Powell failed.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116325614 BCX0\">The 10-year Treasuries yield experienced its largest drop in more than a year following July\u2019s jobs report. Only 73,000 jobs were created in July, below the consensus of 104,000, and the prior two months were <\/span><\/span><a class=\"Hyperlink SCXW116325614 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-01\/biggest-job-revisions-since-2020-expose-pitfall-of-economic-data\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116325614 BCX0\">revised down by 260,000<\/span><\/span><\/a><span class=\"TextRun SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116325614 BCX0\">, marking <\/span><\/span><a class=\"Hyperlink SCXW116325614 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-01\/us-adds-73-000-jobs-after-downward-revisions-in-prior-months\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116325614 BCX0\">the worst three-month period for jobs growth since the pandemic<\/span><\/span><\/a><span class=\"TextRun SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116325614 BCX0\">. Trump <\/span><span class=\"NormalTextRun SCXW116325614 BCX0\">subsequently<\/span> <\/span><a class=\"Hyperlink SCXW116325614 BCX0\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-02\/trump-fires-data-chief-on-bad-job-news-gets-chance-to-tilt-fed\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW116325614 BCX0\">fired chief labor statistician Erika McEntarfer<\/span><\/span><\/a><span class=\"TextRun SCXW116325614 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116325614 BCX0\"> and in a social media post, said reports \u201cwere RIGGED in order to make the Republicans, and ME, look bad.\u201d<\/span><\/span><span class=\"EOP SCXW116325614 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">In August 2024, yields also fell after a payrolls miss (114,000 for July from the 175,000 consensus) and a 29,000 downward revision for June and May. The Fed cut rates by 50 basis points the following month. A cut at the next Federal Open Market Committee meeting, scheduled for September 16-17, would mirror the Fed\u2019s action last September when it started the easing cycle after job creation misses and revisions spurred a bond rally.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The number of rate cuts priced in by futures jumped after the jobs data, with a start in September and a full percentage point of easing within a year. While <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2025-08-13\/fed-rate-cut-bets-ramping-up-after-inflation-data\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">inflation remains higher than the Fed would like<\/span><\/a><span data-contrast=\"auto\">, investors are now indicating they don\u2019t believe it\u2019s high enough to hold off a rate cut for much longer.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span data-contrast=\"none\">Tracking<\/span><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559739&quot;:0}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Track moves in the futures-implied Fed rate path with the BQNT function. To track rate cuts priced in by futures:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1669\" height=\"1060\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png\" class=\"bbg-single-image__image attachment-full\" alt=\"BQuant screen\" title=\"Figure-154\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 1669w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-154.png 170w\" sizes=\"auto, (max-width: 1669px) 100vw, 1669px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Type \u201cbquant help\u201d and select BQNT HELP &#8211; BQUANT: Guides and Documentation.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Select the Examples tab on top of the page, then click the box next to Macro on the left.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Click Implied Overnight Rate Curve Evolution and then the yellow Add to My Projects. BQuant is an interactive computing workspace for exploring datasets and building quantitative models that launches in a web browser.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Run BQNT and double click Sample Notebook: Implied Overnight Rate Evolution in your library.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Click the Run tab at the top and Run All Cells.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Scroll to the bottom and set As of Dates to July 25 2025, July 31 2025 and Aug. 1 2025.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Click the green Run tab above the chart.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>F<em>or more information on this or other functionality,\u00a0<\/em><a href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/?tactic-page=945590\"><em>click here<\/em><\/a><em>\u00a0to request a demo with a Bloomberg sales representative. 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end.<\/p>\n","protected":false},"author":1933,"featured_media":113897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453],"tags":[3825,3670],"series":[],"class_list":["post-124893","post","type-post","status-publish","format-standard","hentry","category-markets","tag-bquant","tag-functions-for-the-market","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasury bulls see data shocks swaying Fed | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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