The current $10-$year US treasury yield is $4\mathrm{.}5\%(4/11/2025).$ A speculator $($A$)$ believes the

Fed will not cut rates, but a rate cut is coming at the end of the year, and the $10-$year yield

should be at $4\mathrm{.}4\%$ within $6$ months. Another speculator $($B$)$ believes the $10-$year yield

should be at $4\mathrm{.}1\%$ within $6$ months $(2$ rate cuts by September $2025).$