Apart from the sudden dovish turn by the Fed voting members and the rising CME rate cut probability, today's updated U.S. TGA account balance data shows a $20 billion drop on November 19 compared to November 18. Meanwhile, the 2-year U.S. Treasury yield also fell from 3.6% to 3.5%. Based on experience, when the 2-year Treasury yield drops below 3.4%, it typically opens the rate cut window.