10-Year Note futures experienced a fourth consecutive session of selling pressure, pushing September contracts to new lows around the 108'03 level. Geopolitical tensions in the Middle East remain a primary catalyst, driving WTI Crude Oil futures above the 90 mark and consequently shifting inflation expectations higher. This energy-driven inflation outlook is applying broad pressure across Treasury markets, pushing the 10-year yield up 5.5 bps to 471 bps—levels not seen since January 2025. The yield curve is shifting higher overall, with the most concentrated selling pressure hitting the belly of the curve; yields on 2s, 3s, 5s, and 7s are jumping 6 to 6.5 bps as the shifting dynamic continues to push rates to multi-month highs.