Recent October CPI data, showing a 0.4% month-over-month rise and 0.3% core increase—both above consensus—has driven the primary upward pressure on 5-year Treasury yields since early November. This hotter-than-expected print reinforced expectations for Federal Reserve rate hikes, including elevated odds of a December move, lifting the yield from lows near 4.60% on November 5 to 4.95–4.96% by November 12–13 amid strong labor market data and resilient growth. Market-implied odds now embed a higher-for-longer policy path, with traders monitoring upcoming FOMC communications and November inflation releases for any reversal that could allow yields to test fresh lows before month-end.