Todd Colvin discusses the continued climb in 10-Year Note yields, which reached 4.66% and are up over 30 bps since late June. The July surge is largely driven by rising oil prices and inflation expectations tied to Middle East tensions. As yields trend upward, market volatility has followed suit, with the CVOL index matching its 1-month high. Looking ahead, traders are closely watching Thursday's economic calendar, featuring weekly jobs data, the upcoming ECB meeting, and a 10-Year TIPS auction to conclude the week's supply.