U.S. 10-year Treasury yields surged from below 4% to above 5.35% before reversing sharply to 4.94%. Jim Iuorio of JI Financial Strategies breaks down what drove the move and what comes next. The selloff centered on higher oil prices, bond supply and the AI boom pulling capital from bonds. Then AI sentiment wobbled and French yields spiked above 5% for the first time since 2002, sending safety buyers into Treasuries. With the Fed meeting October 28th and PCE data due the 29th, the question is whether inflation and monetary policy will retake the long end or technology financing doubts and European instability stay in charge.