Benchmark yields slumped across the curve.
Fed Chair Jerome Powell said it's too soon to declare victory over inflation that's surged to a four-decade high.
Traders fear one of two extreme scenarios will engulf the $23 trillion Treasury market.
Yields have jumped so much this year that it recalls past buying opportunities that paid off when the tide turned.
Positioning in the rate futures markets shows that traders expect the Fed's benchmark to rise to 3.3% by mid-2023.
The yield on the 30-year bond rose 16 basis points to around 3.19%, its highest level since December 2018.
Some market watchers wonder just how long the Fed can stick to a moderate approach.
Bond yields have surged this year as traders price in an aggressive path of Federal Reserve interest-rate hikes.
The conclusion of the U.S. central bank's meeting tomorrow is raising the risk of another volatile week in the markets.
Selling pressure extended across the Treasury curve.
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