U.S. Treasury yields moved lower during a choppy week of trading, with the 10-Year Treasury Note yield dipping briefly below 4.10% to reach its lowest level since early December. The session was marked by strong demand for Treasuries, particularly evident in a 30-Year auction that saw significant interest, driving yields down 7 bps on the session. Despite the move lower in yields, volatility as measured by the CBO index moved higher. Market participants are now focusing on the upcoming CPI data and annual benchmark revisions. Current market pricing suggests two 25 bps rate cuts, potentially in July and October, with a third possible in December depending on the trajectory of inflation data.