The allure of current yields on US Treasuries presents an enticing prospect for investors seeking stable returns in a landscape marked by volatility. Traditionally viewed as a safe-haven asset, Treasuries often attract investors during periods of uncertainty. The rising yield adds an extra layer of appeal, especially when compared to alternative investment options.

However, the decision to invest in US Treasuries is not solely contingent upon attractive yields. The Federal Reserve's role and its benchmark interest rates inject a critical dimension into this calculus. With rates hovering at its current levels, there is a need to balance between central bank policy and bond market dynamics.

The convergence of rising yields and Fed rates underscores the central bank's commitment to controlling inflation. While higher yields may attract investors, they also signify a response to inflationary pressures, potentially impacting bond prices. Investors must navigate this delicate equilibrium, recognizing that rising rates can introduce price volatility in the bond market.

Furthermore, the trajectory of Federal Reserve policy is crucial. A continued tightening stance may influence yields and market sentiment. Investors should remain vigilant to any shifts in central bank rhetoric and policy direction, as these factors can significantly impact the attractiveness of US Treasuries as an investment. However, it must be noted that the Federal Reserve has been quite consistent in it's narrative of when it would be considering pausing interest rate hikes, and thus there exist some level of certainty as to when hikes might end.

In conclusion, the decision to invest in US Treasuries requires proper analysis. While the yields present an attractive proposition, investors must note the evolving interest rate environment and the potential impact on bond prices. A thorough understanding of the broader economic landscape will be vital in making informed investment decisions regarding US Treasuries.