You are now a fund manager. Your boss asks you to prepare a report regarding following questions:

1. Please calculate the issuing price of U.S. 10 Year Treasury bond on 16^th Aug. 2019 and 16^th March 2020 respectively with information given below.

US 10-year Treasury Notes Fact Sheet
Issuing date	16th Aug. 2019		16th March 2020
Bond expiration date	16th Aug. 2029		16th March. 2030
Face value	100		100
Coupon rate (annual)	1.50%		1.50%
Coupon payment	semi-annual		semi-annual

The market yield of 10-year treasury notes:

Table1: Daily treasury yield rates of the US treasury bill and bond

	Time to maturities of US Treasury bill and bond
Date	1 Mo	2 Mo	3 Mo	6 Mo	1 Yr	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
08/15/19	2.08	1.97	1.91	1.86	1.72	1.48	1.44	1.42	1.47	1.52	1.8	1.98
08/16/19	2.05	1.95	1.87	1.85	1.71	1.48	1.44	1.42	1.49	1.55	1.82	2.01
03/16/20	0.25	0.25	0.24	0.29	0.29	0.36	0.43	0.49	0.67	0.73	1.1	1.34

2. Compared to the price on 16^th Aug. 2019, how has the issuing price of US 10 Year treasury bond changed after the Federal Reserves rate cutting on 16^th March 2020? Please explain the potential reason for this.