The U.S. Treasury market is experiencing a major selloff—yields across all maturities are surging 9 to 13 basis points collectively, with the 2-year Treasury yield leading the way, the 5-year breaking 4% for the first time since July of last year, and the 10-year surging to 4.33%. TD Securities put it bluntly: the market is no longer pricing in rate cuts in 2026; instead, it's beginning to price in a certain probability of rate hikes.