The big question hanging over bond markets heading into 2026: how much room does the Fed's policy trajectory still have to move? Bond investors are betting heavily on their read of the central bank's next moves, and the Treasuries market is pricing in some pretty specific expectations. Whether that wager has truly topped out or there's still more upside to this particular narrative remains a point of genuine debate. The positioning is tight, the flows are watched obsessively, and one shift in the inflation data or employment figures could reset the whole calculus. For crypto holders watching macro trends, this corner of the market matters more than most realize.