Recent soft September jobs data, showing just 29,000 nonfarm payrolls added versus 84,000 expected alongside an unemployment rate rise to 4.2%, have eased near-term Federal Reserve rate-hike expectations and pulled the 2-year Treasury yield back to approximately 4.78-4.83% as of early October. The front-end yield, which closely tracks market-implied policy rates, had climbed toward 4.96% in late September amid resilient growth, elevated energy prices from geopolitical tensions, and a September FOMC 25-basis-point hike that lifted the federal funds target to 3.75-4.00%. Milder August PCE inflation (3.4% year-over-year, below forecasts) and dovish signals from New York Fed President Williams further tempered October hike odds to the low teens or twenties percent. Traders will monitor the October 27-28 FOMC meeting, upcoming CPI and employment figures, and any shifts in Treasury supply or term-premium dynamics for further movement in the 2-year yield through month-end.