US Treasury yields have seen a significant decline, with the 10-year yield dropping to its lowest levels since December. This decrease is attributed to growing concerns about economic growth and heightened speculation regarding potential interest rate cuts by the Federal Reserve. Traders are increasingly confident that the Fed may lower rates, which has led to a rally in Treasuries. Despite the falling yields, the response from the dollar has been muted, even in light of recent tariff reaffirmations on Canada and Mexico. As investors await key inflation and jobless claims data, Treasury yields continue to fluctuate, indicating a cautious market as participants navigate a complex economic landscape.