Bond yields have fallen after a sharp run-up earlier in 2022, but some investors are skeptical that the good news will last

U.S. government bonds have continued to rally after a wretched first 10 months of 2022, reflecting Wall Street’s optimism that inflation will be controlled sooner rather than later.

Treasury yields, which fall when prices rise, fell last week after a better-than-expected consumer-price-index report. They then maintained those levels after the Federal Reserve’s last policy meeting of the year, which contributed to mounting recession fears among stock investors but did little to alter interest-rate bets in the bond market.

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