Yields have dropped in recent weeks

 ... despite the lack of any clarity that inflation is over. 

And that led to an extraordinary trading session as they boomeranged back upward. 

How has this happened? Over the last 40 years, whenever the trend appeared to be about to break, the Fed would respond with cheaper money and bring yields back down again. 

Bank of America predicts that 10-year yields could get back down to 2% within the next six to 12 months, amid a more significant economic slowdown.

Several Fed governors spoke on the record during the day, and all suggested that the dovish gloss investors put on the last Federal Open Market Committee meeting was over-hopeful.

John Authers Bloomberg 3 augusti 2022

https://www.bloomberg.com/opinion/articles/2022-08-03/the-importance-of-nancy-pelosi-s-visit-to-taiwan-on-bond-market-swings

 inflation to come under control in the quarters and years ahead, Bullard said. 

“Consequently, medium- and longer-term inflation expectations currently tend to be lower than shorter-term inflation expectations, suggesting markets presently expect inflation to come under control in the quarters and years ahead,” Bullard said. 

Bloomberg 3 August 2022

https://www.bloomberg.com/news/articles/2022-08-02/bullard-says-fed-can-slow-inflation-without-sparking-recession