Dan Deming examines today's interest rate markets, focusing on 10-Year T-Note futures facing selling pressure for a second consecutive session. Currently priced around 111'08, the market remains near the top of its recent range despite retreating from a one-month high. Stronger-than-expected manufacturing data and lower weekly jobless claims have triggered a tone shift, causing hesitation after recent buying pressure. Additionally, the Treasury yield curve is steepening; the 10-Year yield is up 3 bps to 431 bps, and the 30-Year yield is climbing over 4 bps, reflecting broader adjustments to inflation expectations and shifting geopolitical dynamics.