The Fed’s policy rates bookend overnight rates, such as SOFR. For example, floating-rate loans and Adjustable-Rate Mortgages that are in the adjustment phase are impacted by changes in the Fed’s policy rates via SOFR. Short-term Treasury yields reflect a combination of current Fed policy rates and expected future policy rates within their window. The Treasury market seems to be saying that as well… and that’s why we’re seeing a tightening both in nominal rates and in real rates. Financial market prices, in this intervening period, didn’t pause.