10-Year Note futures are experiencing heavy selling pressure across the curve and are breaking out of a four-session range to trade to a better than one-month low near 112'11. The sell-off is a direct reaction to stronger-than-anticipated economic data released this morning. This includes the ADP private employment report, which showed a stronger job growth number compared to recent months, and non-manufacturing/service data that also came in better than expected. In turn, the 10-Year yield is up 7 basis points to 4.16 basis points, moving back towards the highest level since the end of September. The overall yield curve is moving higher and is slightly steeper, with the back end (10s, 20s, and 30s) selling off more, up about 7 to 8 basis points, compared to the 2-Year, which is up about 5.5 basis points.