UBS s Suresh Tantia expects two rate cuts by the Fed in 2019, with a focus on the US 10-year bond yield falling below 4% by year-end. Favoring yen over Chinese yuan in the FX market amid predictions of rate cuts. Tantia says: " We do not think the story of the rate cuts have been delayed. It is going to happen sometime this year and our view is that most likely in the September meeting Fed will start to cut rates."