Markets have "overdone" the chances that the central bank significantly slashes borrowing costs by the end of 2024, the world's largest asset manager said.

BlackRock Inc. strategists turned underweight short-dated US Treasuries from overweight, saying the extent of Federal Reserve interest-rate cuts the market is betting on is unlikely to pan out.

BlackRock, the world’s leading asset manager, has reduced the likelihood of a 50-basis-point interest rate cut by the Federal Reserve.