Yields for 10-Year Treasury Note moved slightly lower, dipping below 4.10% early in the session before rallying to close at about 4.12%, down about 2 basis points on the session and holding near the midpoint of the three-month range. The bond market is observing a rally in global bonds, specifically Japan, where their 20-year government bond yield hit a new all-time high north of 2.80%. Despite the lower yields, the volatility for 10-Year Treasury futures, measured by the CVOL index, has been trending higher since late October and is now sitting at two-month highs. Upcoming events that will likely impact Treasury futures include a 20-year auction and the release of the FOMC minutes from the October meeting, as well as commentary from Fed speakers, including Richmond Fed President Barkin.