Yield on US 10-yr note, now 4.33% as we await Powell's speech today, was 3.60% last year, when Fed began *cutting* rates

Yield on US 10-yr note, now 4.33% as we await Powell's speech today, was 3.60% last year, when Fed began *cutting* rates. Fed controls overnight rate, but not the longer duration notes/bonds, which usually determine the rate on new/refinanced UST debt, and thus interest expense. pic.twitter.com/yRaOB3GnqI

— David Sommers (@dgsommersmkts) August 22, 2025