Recent hotter-than-expected October CPI data, with headline rising 0.4% month-over-month against 0.3% expectations and core at 0.3%, combined with Fed Governor Waller's comments favoring a potential 50 basis point December hike, have driven the 10-year Treasury yield back above 4.9% as of November 10. This reflects trader consensus incorporating persistent inflation pressures and a stronger growth backdrop into higher rate-path expectations, with the federal funds target at 3.75-4.00%. Yields have traded in a 4.81-5.37% range over the past month amid mixed labor and inflation prints. The December FOMC meeting and subsequent releases remain key catalysts that could shift implied probabilities for further tightening or any near-term easing in long-term rates before year-end.