Expectations of interest rate cuts are rising: Long-term interest rates are "pricing in early," but a key change is happening in the market: expectations of Fed rate cuts are heating up, and the first to react are not stocks or cryptocurrencies, but: US 10-Year Treasury Yield. Core logic: interest rate expectations → long-term yield. The 10-year U.S. Treasury yield essentially functions as a pricing tool for the market's future interest rate path. When the market starts betting that rates will fall: funds buy bonds in advance → yields decline.