Traders are increasingly betting on rate cuts from the European Central Bank (ECB), anticipating a reduction of 50 basis points in 2025. This sentiment is echoed by recent market movements, with U.S. Treasuries recording their best weekly gain in March as the yield on 10-year notes fell to 4.2%. Market participants are pricing in approximately 70 basis points of cuts from the Federal Reserve in 2025, with projections suggesting a potential drop to 4% if economic data weakens. The Federal Reserve's dot plot indicates about two cuts for the remainder of the year, with a median projection around 3.9% for 2025. Meanwhile, North American government bond yields have trended lower year-to-date, influenced by growth concerns and macroeconomic factors.