Today in the interest rates market, 10-Year T-Note yields gapped higher to 4.35% before reversing course and closing down about 1.5 bps just below 4.30%. The intraday reversal was largely driven by headlines indicating progress in Middle East peace talks between the U.S. and Iran, which also pressured oil prices. Despite the daily drop, yields remain about 35 bps higher than before the conflict began. On the volatility front, CVOL spiked overnight alongside higher yields but ultimately closed unchanged on the day as yields pulled back. Market participants now look ahead to Tuesday's economic data, which includes the ADP employment change, PPI figures, and a lineup of Federal Reserve speakers.