Dan Deming of KKM Financial analyzes the upward price action in 10-Year T-Note futures, which traded up to a seven-week high at 106'23. He notes that heavy selling pressure in the equity markets, particularly in the tech sector, is driving a flight-to-quality rotation into fixed-income exposure. With 10-Year Treasury yields falling 7 bps to 4.91%, Deming observes that the middle of the yield curve is experiencing the most significant drop, as 1-Year to 10-Year yields are down 7 to 9 bps. The market anticipates that continued equity weakness could lower the probability of an upcoming rate hike.