The reason? It could clear the way for the Federal Reserve to start cutting interest rates.
Mark Cabana, rates strategist at Bank of America Merrill Lynch, said rates cuts are now all but assured. "It's definitely happening," he said. Data from CME Group now indicates a 25% probability that the Fed cuts interest rates at its June 18-19 meeting. The likelihood that rates will be lower than current levels following the July meeting is above 80%.