WEBSITE COPY: The 10-Year Treasury yields experienced a sharp leg lower, dropping to 4.57% after archiving a multi-month high of 4.68% in the previous session. This reversal was primarily driven by macro factors, including geopolitical developments between the U.S. and Iran alongside a significant drop in WTI Crude Oil futures back below the $100 a barrel threshold. Meanwhile, the newly released April FOMC minutes reinforced that the Federal Reserve remains highly attentive to inflation pressures, signaling that policymakers will likely strip any remaining dovish bias from upcoming policy statements. Despite the pullback in yields, the benchmark CVOL index remains historically elevated, indicating that the bond market is withholding an all-clear signal. Market focus now shifts to Thursday's data schedule, featuring initial jobless claims, S&P Global PMIs, and a new 10-Year Note TIPS auction.