10-Year Treasury yields touched 5.22% before pulling back to 5.16%, locking in a 17 bps gain for the week. The 40 bps surge over the past month reflects a hawkish Fed, rising inflation expectations, and poor demand at recent 2-Year, 5-Year, and 7-Year note auctions. The CVOL index spiked to its highest level since March alongside the rate moves, signaling elevated market uncertainty. Looking ahead, market focus shifts entirely to the labor sector with upcoming data on ADP payrolls, Challenger job cuts, jobless claims, and Friday's critical nonfarm payrolls report.