Todd Colvin discusses the sharp intraday reversal in 10-Year Treasury Note yields, which climbed to 4.56% early in the session before reversing to close at 4.44%. The downward move in yields was triggered by afternoon headlines indicating a potential agreement between the U.S. and Iran, which sparked a rapid risk-off unwinding. The CVOL index closely tracked the yield movement, with volatility sliding alongside yields as geopolitical tensions eased. Looking ahead, the economic calendar features the University of Michigan consumer sentiment index and its inflation components, while market participants increasingly focus on next week's June FOMC meeting and the first press conference from new Fed Chair Walsh.