US bond yields surged Thursday as investors gained confidence that the Federal Reserve is sticking to its plan to cut interest rates. This optimism pushed five-year Treasury notes below a 4% yield for the first time since mid-March. Traders in the options market also indicate a potential further decrease in rates next month, with the two-year rate falling to 3.96%.
Source: https://www.bloomberg.com/news/articles/2025-03-20/treasuries-extend-gains-from-fed-as-market-bets-on-lower-rates