Recent hotter-than-expected October CPI data, with core inflation rising 0.3% month-over-month against a 0.2% consensus, combined with Federal Reserve Governor Christopher Waller’s comments favoring a potential 50 basis point December hike, have driven the 10-year Treasury yield sharply higher from early November lows near 4.81%. As of November 10, the benchmark yield closed at 4.98%, reflecting market-implied odds of tighter monetary policy amid persistent price pressures and solid labor market readings. Traders now price in at least a 25 basis point December FOMC move, with limited room for further yield compression absent softer November inflation prints or dovish central bank signals. The next key catalysts include upcoming wholesale price data and the December 8-9 policy meeting.