10-Year Note futures experienced selling pressure, trading down to the 112'21 level and nearing the lower end of the November range. The primary driver for the decline was the release of the Federal Reserve meeting minutes, which showed dissension among officials regarding further rate cuts for 2025. The CME Fed Watch Tool now prices in a 66% chance of no rate cut in December following the minutes' release. The 10-Year yield moved up one basis point to 4.13%. Selling pressure impacted the entire yield curve, with short-dated bills, specifically the 6-month and 1-year yields, experiencing the heaviest selling pressure, moving up better than two basis points.