Bond yields across the curve are signaling that the Fed needs to hike rates, not cut. The 2-year yield is near 4% and the 10-year at 4.44%, well above the fed funds rate of 3.62%. The market is repricing rate expectations higher, and inaction would mean failing to achieve the 2% inflation target, which has not been met for over five years. This implies bond prices will fall further as yields rise.