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The bar for 10-year Treasuries has been broken.
The 10-year Treasury yield has broken the trend at 3.8%. In fact, this opens the way for growth to indicators in the range of 4.5-4.6%.
There are elections in November, and we need to show at least some effect from measures to combat inflation. This is the main task. Well, what's next? Let's assume that we managed to somehow stabilize the situation with inflation (actually or by manipulating statistics is another question) by achieving a target rate of around 4.5%. Let the economy go into recession. And, after some time, start the cycle of lowering the rate again and pulling the economy out of recession? The current rates were in 2008, and the values were 4.5% in 2007. And the Fed had enough of this "reserve" in reducing the rate for almost 14 years.
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