Market Reactions to Rate Cut Expectations

US Treasury yields rose on robust manufacturing data, leading to reduced rate cut expectations, while gold prices surged to all-time highs as optimism for rate cuts waned. The Canadian dollar weakened amidst talks of potential rate cuts by the Bank of Canada, and the US dollar strengthened following positive manufacturing growth, impacting rate bets. Wall Street stocks declined due to concerns over Fed rate cuts amid strong manufacturing data, leading to higher Treasury yields.