Bond yields fell globally after US data suggested the jobs market and price pressures were cooling, boosting hopes of a September rate cut from the Federal Reserve just a day after the central bank pushed out its own rate cut forecast.

US two-year Treasury yields, which reflect interest rate expectations, eased 5 basis points to 4.70 per cent, and the 10-year benchmark return retreated 4 basis points to 4.25 per cent.