The market isn't some kind of oracle. It's driven by sentiment.
And the bond market controls rates.
And the bond market controls rates.
For example, if you believe we would had decades of a near zero federal funds rate, you might be willing to accept a 2% yield on a 30 year bond. But if you thought the long term federal funds rate was going to be 2%, you might want 4% or more on the long bond.
https://www.elliottwave.com/articles/fed-rate-cut-interest-r...