A pandemic, wars and government deficits have reshaped the bond market since the start of the decade. The 10-year Treasury yield experienced unprecedented volatility, swinging from historic lows above 5% as investors navigated shifting monetary policy and geopolitical uncertainty. Central bank actions and fiscal stimulus measures created dramatic price swings, with the benchmark rate fluctuating significantly in response to economic data and global events.

Market participants closely monitored inflation expectations and employment reports as key drivers of yield movement during this turbulent period.