**Recent safe-haven demand following the Democratic midterm gains, combined with declining oil prices, has driven the 10-year Treasury yield to two-month lows near 4.81% early in November before rebounding toward 4.87–4.88% as of November 10.** Stronger-than-expected October jobs data and persistent inflation concerns have tempered the rally, with markets now pricing an 84% probability of a 25-basis-point Fed funds rate hike at the December 8–9 FOMC meeting. The October CPI release, due imminently, along with the 10-year note auction and subsequent PPI and retail sales prints, will provide key signals on inflation breadth and the policy path. With the federal funds target range held at 3.75–4.00% in late October amid elevated price pressures, trader positioning reflects caution over whether yields can sustain further declines or retest recent lows before month-end.