The Federal Reserve’s easing efforts have triggered a sharp increase in US 10-year yields, surpassing any other rate-cut cycle since 1989. This unusual response has left bond traders concerned about another painful period of losses. In September, central bankers began slashing interest rates, and the benchmark 10-year yield jumped by over three-quarters of a percentage point, the largest three-month gain in such a cycle. As of Monday, the 10-year rate stands at approximately 4.54%.
Source: https://www.bloomberg.com/news/articles/2024-12-22/bond-traders-turn-to-2025-amid-most-agonizing-easing-in-decades