Long-term Treasury yields climbed Wednesday, with 10-year yields at 4.62%, amid low holiday trading volumes. The steepening curve reflects caution over the Fed’s higher terminal rate outlook and fiscal uncertainty under Trump’s incoming administration. Options traders are betting on further yield increases, with 10-year yields potentially reaching 5% in 2025. Swaps market pricing suggests just 0.33% in Fed rate cuts next year, below the Fed’s projections, fueling further rate concerns. #Bonds #Treasuries #InterestRates #FederalReserve #USDebt #Yields #Economy