Dan Deming of KKM Financial analyzes the recent price action in 2-Year Note futures, noting a strong rebound from contract closing lows. As the short end of the curve finds higher price levels, the back end continues to sell off, leading to a noticeable steepening of the yield curve. Deming attributes this shifting dynamic to early signs of weakening consumer sentiment, which could eventually factor into Federal Reserve policy decisions despite persistently elevated inflation expectations. While the 2-Year yield dropped 7 bps to 391 bps, moving away from the 4% mark, yields on the 10-Year and 30-Year notes continue to climb toward multi-month highs.