This part of the Treasury market may move the most on a Fed interest-rate cut

Wednesday’s interest-rate decision from the Federal Reserve is shaping up to become one of the most exciting announcements by the central bank in a long time, with the potential to reshape what’s known as the front end of the $27.6 trillion Treasury market.

The front end consists of the 2-year note and short-term Treasury bills maturing in up to one year or less. Yields on these government securities often reflect the likely path of interest rates, which is why investors and traders pay attention to them.