Recent hotter-than-expected September CPI and PPI readings, with headline inflation at 3.7% year-over-year and producer prices surging notably amid energy pressures from geopolitical tensions, initially lifted the 2-year Treasury yield toward 4.96% intraday highs. Yields have since eased to around 4.73-4.75% as traders priced in a high probability of a Federal Reserve hold at the October 27-28 FOMC meeting, with rate-hike odds for that gathering falling below 30% despite sticky price pressures. Market-implied expectations now point to potential tightening in December, supported by resilient economic data but tempered by equity-market volatility and safe-haven demand. The upcoming FOMC decision and any fresh labor-market releases represent key near-term catalysts that could shift the yield trajectory through month-end.