The US Treasury market saw its largest monthly gain in seven months, with short-term yields dropping back below 4%. This came after inflation data showed a surprise drop in inflation-adjusted consumer spending, leading some economists to revise their growth forecasts for the first quarter. Yields on two- and three-year notes fell as much as six basis points, while the 30-year yield dipped below 4.5% for the first time since mid-December, driven by month-end buying.
Source: https://www.bloomberg.com/news/articles/2025-02-28/biggest-treasury-market-rally-since-july-faces-key-us-data