10-Year T-Note futures moved off recent lows to trade higher, currently priced at 111'210. This upward price action appears driven by a rotation out of equities and reactions to recent policy commentary. While Monday's ISM manufacturing data came in stronger than anticipated, market participants are now shifting focus to tomorrow’s ISM services data, especially with labor data potentially on hold this week. The yield curve remains relatively flat across most durations, with the 10-Year Treasury Note yielding approximately 4.27%. The 2-Year/10-Year yield spread continues to hold steady at the top end of its recent range near 70 bps.