Short-term U.S. interest-rate futures rose on Wednesday after a report that President Donald Trump is likely to fire Federal Reserve Jerome Powell soon, with traders now betting on rate cuts starting in September and at least one more by December.

The back end of the U.S. Treasury market remains under pressure, but opportunities exist in mid-term bonds (US5Y), (US10Y) amid expectations of Federal Reserve rate cuts later this year, said Barry Knapp,

The minutes reveal more closely the behind closed doors thinking between the U.S.’ top policymakers with the Fed under barrage from the White House.