The yield on 10-year Treasurys has climbed almost a full percentage point from a low in late 2023.
The 10-year yield has already fallen toward 4% from a 16-year high above 5% reached in October.
Investors scooped up government debt on the first trading day of 2023.
Investors anticipate that the Fed will further slow its pace of rate hikes as inflation cools.
Traders see 175 basis points of tightening by the Fed by September.
Ten-year U.S. yields climbed through 2.75% for the first time since March 2019.
Traders are pricing in a further 225 basis points of interest-rate hikes by the end of the year.
Short-dated debt hurtled toward its worst quarterly performance in almost four decades.
The Russian invasion in Ukraine has traders believing a quarter-point increase is more likely.
The Ukraine crisis has not dented bond-market certainty that rates will rise.
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