[Traders Bet on Two Fed Rate Cuts Next Year, Focus on Tuesday's Nonfarm Payroll Data] Bond traders are betting that the Federal Reserve will cut rates twice next year, with U.S. Treasuries heading toward their best year since 2020. DWS Americas executives are focusing on Tuesday's nonfarm payroll data, while WisdomTree executives believe this week's report carries less weight, with the focus on reports before the January 28 decision. Swap market indicators show that traders expect the Federal Reserve to end the easing cycle at around 3.2%.