Federal Reserve rate cuts typically lower short-term interest rates, but their impact on the 10-year Treasury yield and the U.S. dollar (USD) depends on investor expectations and economic conditions. When the Fed cuts rates, it reduces borrowing costs, which can lead to lower yields on short-term Treasuries. However, the effect on the 10-year yield depends on market sentiment. If investors expect slower economic growth or a recession, demand for long-term Treasuries rises, pushing the 10-year yield lower. Conversely, if rate cuts stimulate growth and inflation expectations increase, the 10-year yield may rise. For the USD, lower interest rates typically make U.S. assets less attractive to global investors, leading to capital outflows and a weaker dollar. However, if Fed cuts are seen as necessary to support the economy, they can boost investor confidence, potentially stabilizing or even strengthening the dollar. Ultimately, the relationship between Fed rate cuts, the 10-year yield, and the USD depends on broader economic conditions, inflation expectations, and risk sentiment in global markets.