Recent hotter-than-expected October CPI data, with core prices rising 0.3% month-over-month versus 0.2% consensus, combined with hawkish comments from Fed Governor Christopher Waller signaling openness to a 50-basis-point December hike, have driven the 10-year Treasury yield back above 5% as of November 12. Markets now price a high probability of at least one 25-basis-point rate increase at the December FOMC, supported by solid payrolls and sticky inflation readings above the Fed's target. Treasury supply dynamics and term premium pressures from fiscal deficits and AI-related investment further support elevated yields. Traders await the November 13 PPI release and existing home sales data for additional signals on inflation persistence versus labor market cooling ahead of month-end.