10-Year T-Note futures traded lower, dropping in three of the last four sessions and hovering just above three-week lows near the 109'04 level. Early in the session, a slightly softer core CPI print of 0.2% provided initial support, while headline inflation met the elevated 0.5% expectation. However, early gains were erased as the focus shifted to elevated geopolitical tensions in the Middle East and rising crude oil prices. This dynamic introduced renewed selling pressure on the back end of the curve, pushing the 10-year yield up over 1 bps to 454 bps. The yield curve experienced steepening, with yields rising from the 5-year out to the 30-year, while the front end remained relatively flat.