Recent inflation readings and a stronger-than-expected October jobs report have driven the 2-year Treasury yield higher, with the rate closing at 4.73% on November 10 after a 17-basis-point daily gain. Core price pressures accelerated to a 3.7% annualized pace through October, while nonfarm payrolls rose 165,000 and the unemployment rate edged down to 4.1%, prompting multiple Federal Reserve officials to signal that additional policy tightening may be needed at the December FOMC meeting. Traders are now pricing a higher probability of a 25-basis-point rate hike next month, lifting near-term rate expectations and supporting the front end of the curve. Key near-term catalysts include the November 12 CPI release and November 13 PPI data, which could further shift the market-implied path for the federal funds rate and set the November peak for 2-year yields.