A rally in US bonds was sparked by comments from a Federal Reserve official, Hammack, who revived hopes for a potential interest rate cut as early as June. The move led to a surge in short-term bond yields, with two-year notes seeing an 8-basis-point decline and five-year notes falling nearly 10 basis points below 3.93%.
Source: https://www.bloomberg.com/news/articles/2025-04-24/treasuries-rally-after-fed-s-hammack-revives-june-rate-cut-odds