They're now at 4.29%. Here is the chart:
This is probably a good thing if you are the Federal Reserve and want consumer prices to fall. The recent uptick in CPI is mostly down to the bond markets undermining the Feb by pricing in rate cuts via lower bond yields (which makes it easier for consumers and businesses to borrow).
If you are the Biden administration and are running a huge budget deficit, the uptick in bond yields is bad news. Treasury auctions become expensive, and you head into an election with business unhappy about borrowing costs.
I know markets still believe interest rates will be cut in June, but this is starting to look unlikely.