Why did treasuries (1 year) drop 32 bp Friday, and 32 bp this morning?

[NCC1701]

Largest 3 day panic decline in 26 years is not a safe haven move? Well we certainly are all entitled to our opinions.

something is going on here, I am just saying that the intraday moves don't track exactly

 

[piezoe]

The fed is raising rates, so why did the rates on treasuries drop?
Prior to the last 2 days, you could get similar yield on a 1-year CD and a 1-year treasury of about 5.3% last Thursday.

Now the rates on treasuries are quite lower by 60bp than CDs.

Is this because the Fed changed the definition of what is collateral?
Or does it imply the Fed is going to cut rates due to the banking crisis?

I am trying to understand the move of the last 2 days.

Maybe it implies that the market thinks the Fed is going to cut rates. But why. There is no crisis, there is only inflation.