The Direxion Daily 20-Yr Treasury Bull 3x ETF (TMF) closed up 2.37% at $40.65 on December 30, 2024, as U.S. Treasury yields fell, with the 10-year yield dropping by about 8 basis points to 4.537%. This decline in yields comes despite the Federal Reserve's recent rate cuts, as market expectations for further cuts in 2025 have been dialed back. The bond market is reacting to mixed economic data and a cautious outlook from the Fed, which has indicated fewer rate cuts ahead. Additionally, significant outflows from long-duration bond funds, such as BlackRock's iShares 20+ Year Treasury Bond ETF, suggest waning investor confidence in bonds, potentially serving as a contrarian indicator.