The outlook for rate cuts in 2025 has steadily dwindled as the economy stays hot and traders worry about a fresh bout of inflation.ReutersUS Treasury yields hit the highest level since October 2023 this week.Strong economic data has dimmed rate-cut views.Trump's economic plans are also causing markets to worry about inflation spiking again.US Treasury yields are surging toward their highest level since October 2023, inching closer to a key threshold that has historically triggered a sell-off in stocks.Behind the rise are fears that inflation is about to rear its head again, with the economy still hot after two years of rate hikes from the Federal Reserve and with the potential for Donald Trump's economic plans to stoke a surge in prices.The run-up is stoking fears reminiscent of other recent surges in bond yields.