Dan Deming analyzes the recent price action in interest rate markets, focusing on 10-Year T-Note futures dropping to new contract lows. Deming explains that stronger-than-expected economic data and hawkish Federal Reserve commentary have driven yields to their highest levels in nearly two decades. The 10-Year yield added 3.5 basis points to reach 5.15%, hitting the top end of its range since July 2007. Additionally, he highlights the uneven selling pressure across the yield curve, with bills and the back end seeing heavier pressure compared to the 2-Year and 5-Year notes.