10-Year Treasury yields opened the week nearly unchanged, trading in a historically narrow 2 bps range not seen since late 2025. Despite the quiet start in the bond market, the CVOL Index reflected higher volatility as traders monitored global geopolitical developments, particularly in the Middle East. Market participants are looking ahead to a busy week of macroeconomic data and central bank commentary. Key upcoming events include the Chicago PMI and JOLTS data on Tuesday, followed by remarks from Fed Chair Warsh at the Sintra conference on Wednesday. The shortened holiday week concludes with an early release of the U.S. non-farm payrolls report on Thursday ahead of the long weekend.