19 of 26 bond strategists polled by Reuters said that the 10-year US Treasury note yield has peaked in the current cycle.

Meanwhile, the median forecast of 55 strategists for the 10-year yield at the end of the year stood at 4.25%, Reuters further reported.

Market reaction

The 10-year US Treasury bond yield continues to push lower in the European session and was last seen losing 2.2% on the day at 4.55%. In the meantime, the US Dollar (USD) Index, which gauges the USD's valuation against a basket of six major currencies, was flat on the day at 105.80.