10-Year yields moved lower during the session, settling at 4.14% following a weaker than expected U.S. retail sales report. The data led to a shift in market expectations for the timing of interest rate cuts, with market participants now looking toward the second quarter for potential policy adjustments. While a move in March is not currently anticipated, expectations for June remain firm for a 25 bps cut, with additional moves being priced in for later in the year. Despite the move lower in yields, volatility as measured by the CVOL Index edged higher. Looking ahead, the market is bracing for a significant data window including the January employment report and a 10-Year note auction, followed by the January CPI report on Friday.