10-Year Treasury Note futures marched higher today, locking in a fourth consecutive positive session and hitting a two-week high. The newly active September contract climbed to 109'25 as a wave of buying pressure swept across the fixed-income space. The market found support early from macroeconomic data, with inflation remaining sticky but failing to exceed consensus expectations, giving investors a sense of relief. Later in the session, reports of an extended ceasefire in the Middle East fueled the rally, pushing capital into safe-haven Treasuries while dragging down crude oil and other commodities. Consequently, the 10-Year Treasury yield fell 3 basis points to 4.45%, pulling back further from the multi-month highs established last week. The broader yield curve experienced a minor flattening effect, characterized by long-term yields dropping 2.5 to 3 basis points, outpacing the 1 to 1.5 basis point decline seen on the short end of the curve.
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