Recent hotter-than-expected October CPI data, with the headline rising 0.4% month-over-month and core at 0.3%, has reinforced sticky inflation above the Fed’s 2% target and prompted markets to price in a near-certain December quarter-point rate hike plus a small chance of 50 basis points. This has driven the 10-year Treasury yield to recent highs above 5%, briefly reaching 5.17%, amid a strong Q3 GDP print of 3.4% and hawkish signals from officials including Christopher Waller. The combination of resilient growth, persistent price pressures, and expectations for further monetary tightening through 2027 has lifted yields from lower levels seen earlier in the fall, with forecasts centering near 5.1-5.2% by year-end. The December FOMC meeting and subsequent inflation releases remain key near-term catalysts.