Say a number is 'priced in' and you have claimed to know the average expectation sitting inside a market price. Sometimes a traded contract really is a probability, and you can point at the contract. Often the speaker cannot.
A Treasury yield is a price. It is consistent with many combinations of expected short rates and compensation for risk. You cannot peel those apart by tone of voice. Analysts who do it are offering a model. The model is not the print.