According to Internet reports, Michelle, global head of fixed income at JPMorgan Chase: The Fed is expected to have one, or even two opponents. The uncertainty facing the Fed has dissipated to some extent. The full impact of tariffs has not yet been felt. The Fed is likely to remain inactive in September as well. June inflation data showed that inflation was beginning to show signs of transmission. The reason for buying 10-year U.S. bonds is that interest rates will fall at some point.