Recent hotter-than-expected October CPI data, with headline rising 0.4% and core 0.3% month-over-month, combined with hawkish comments from Fed Governor Waller, drove the 2-year Treasury yield sharply higher to around 4.73% on November 10. This reversed earlier November declines near 4.5% and shifted trader focus toward a high probability of a December 25-basis-point rate hike at the December 8-9 FOMC meeting, where fresh projections will be released. Persistent inflation above target, solid labor market readings, and the current federal funds range of 3.75-4.00% anchor short-term yields, limiting scope for further downside absent softer incoming data.