In the interest rate markets, 10-Year T-Note futures are experiencing continued selling pressure, trading lower for the fifth time in six sessions and reaching a three-week closing low around 110'26. The primary driver of this recent price action is stronger-than-expected U.S. manufacturing data, which has shifted market focus toward the upcoming Fed announcement and future guidance. Adding to the downward pressure, recent Treasury auctions have seen lukewarm reception, with a somewhat disappointing five-year auction and a seven-year auction landing on the lower end of demand metrics. Consequently, the yield curve is moving higher and flattening, with the most significant selling pressure concentrated in the front end. Two-year, three-year, and five-year yields are outpacing the back end, as the five-year yield gained roughly 4 bps while the 30-year remained largely unchanged.