Inflation is falling and the end of rate hikes is in sight - so why are bond yields still rising?

• The 10-year Treasury yield is firmly above 4% in August, helping to stall the stock market's strong 2023 rally. 
• But with the end of rate hikes in sight as inflation keeps falling, yields should theoretically be doing the opposite. 
• Here's why Treasury yields have been steadily moving up this month. 

The 10-year Treasury yield hit the highest level since 2008 on Thursday, touching 4.30%, a huge jump from this year's trough of 3.68% notched in April. Rising yields have dented the stock market's stellar 2023 rally, confounding and frustrating markets that see an end in sight to the Federal Reserve's rate hiking campaign amid dwindling inflation.