* Mass IT outage has causes chaos for businesses around the world
* Key U.S. mortgage rate drops to lowest since March: Freddie Mac
* US leading economic index fell slightly in June
* Manufacturing activity expands in July for Philadelphia Fed region
* US jobless claims rose last week, matching highest level so far in 2024:

The policy-sensitive 2-year US Treasury yield continues to trade near the lowest level since March. Closing at 4.49% on Thursday (Jul. 18), the market is effectively pricing in high odds that the Federal Reserve will soon cut its target rate, which is currently 5.25%-5.50%. Fed funds futures this morning are pricing in a roughly 94% probability for a rate cut at the Sep. 18 FOMC meeting.