According to a report by Jinse Finance, Michele, Global Head of Fixed Income at JPMorgan, stated that it is expected there will be one, or possibly even two dissenters at the Federal Reserve. Some of the uncertainty facing the Fed has already dissipated. The full impact of tariffs has yet to be seen. The Fed is also very likely to remain on hold in September. June inflation data shows that inflation is beginning to show signs of transmission. The reason for buying 10-year US Treasuries lies in the expectation that interest rates will eventually decline.