There is no shortage of items to worry about for the bond market. From threats to strongarm the Federal Reserve to push interest rates lower to projections of a deepening federal budget deficit to the potential for higher inflation from tariffs, risk factors abound. Treasury yields, however, continue to trade in a range. Let’s start with the 10-year Treasury rate, which fell for a fourth straight trading session on Monday, dipping to 4.38%. That’s a middling range for the benchmark yield so far in 2025. Several measures of market-based inflation expectations are also holding at a middling level after turning lower in ... (full story)