Expectations of an emergency rate cut by the Federal Reserve are rising as there is no sign that Trump will back down on tariffs. Swap transactions show a roughly 40% chance of the Fed cutting rates by 25 basis points next week, well ahead of the Fed's rate decision scheduled for May 7. Meanwhile, investors are selling risk and snapping up bonds, sending yields plummeting. On Monday, the yield on the two-year U.S. Treasury note, the most sensitive to monetary policy, fell 22 basis points to 3.43%, bringing the total U.S. two-year Treasury yield down about 50 basis points since Trump announced the tax. (Golden Ten)