Dan Deming provides a technical and fundamental breakdown of the interest rate markets, highlighting a move lower in 10-Year T-Note futures. Prices drifted back toward the bottom of their 18-month range, trading around the 108'12 level but remaining above the July 31st closing low of 108'00. Rising WTI Crude Oil futures, driven by ongoing geopolitical tensions in the Middle East, added pressure to the Treasury market. Additionally, market participants adjusted positions ahead of key inflation data, including upcoming CPI and PPI reports. This combination of factors pushed yields higher across the curve, with the 10-Year yield climbing 4 bps to 470 bps as broad selling pressure persisted across intermediate durations.