10-Year T-Note futures rebounded from contract lows as buying pressure returned to interest rate markets. Middle East tensions eased over the weekend, providing relief across asset classes and helping lower crude oil prices while supporting equity markets. The 10-Year Treasury yield fell 6 bps to 468 bps, pulling back from a 1.5-year high. Treasury yield curve dynamics showed steepening from 1-Year to 30-Year maturities, though short-term bill yields rose slightly following stronger-than-expected manufacturing data. Dan Deming analyzes the drivers behind the Treasury market rally and shifting yield curve structure.