According to Jinshi Data, Subadra Rajappa, head of U.S. interest rate strategy at Societe Generale, said that the market is too pessimistic about U.S. inflation expectations and has already digested too many expectations of interest rate cuts. She mentioned recent strong economic data, such as lower-than-expected initial jobless claims and strong retail sales.

She expects long-term yields to have more room to rise in the short term, while short-term yields have less room to fall from current levels.