Recent October CPI data showing 0.4% month-over-month headline and 0.3% core inflation, exceeding expectations, combined with Fed Governor Waller's comments favoring a potential 50 basis point December hike, have driven the 10-year Treasury yield to approximately 4.93% as of November 10, 2026. Yields peaked near 5.31% in early October amid sticky inflation around 3.7% year-over-year, strong GDP growth, AI-related investment demand, and elevated fiscal deficits. The Fed's September rate increase to a 3.75-4.00% target range and higher-for-longer projections reinforce expectations for further tightening, supporting upward pressure on long-term yields into early 2027 before potential easing if inflation moderates. Key near-term catalysts include the December FOMC meeting and subsequent economic releases.