The yields on 10-year Treasury notes saw ups and downs as investors reacted to new economic data and speculation about the Federal Reserve’s next moves. The market is trying to figure out if the recent economic numbers mean the Fed will keep raising interest rates or if they might pause.

Some analysts believe that strong economic growth will push the Fed to continue its tightening cycle, leading to higher Treasury yields. Others argue that inflation is under control and that the Fed may soon take a break, which could cause yields to fall.

The bond market is also keeping an eye on what’s happening around the world, as global economic trends can affect U.S. interest rates. Any surprises in economic reports or changes in the Fed’s stance could lead to more volatility in the Treasury market.