10-Year T-Note futures fell as yields hit multi-week highs

10-Year T-Note futures experienced heavy selling pressure, falling to a 2-week low and touching session lows at 109'07. This downward movement across the entire curve was primarily driven by escalating geopolitical tensions in the Middle East and activity in the Strait of Hormuz, which sent WTI Crude Oil futures climbing 5% toward $72. While the market digested a smooth 3-Year note auction that met expectations, focus remained on the upcoming Federal Reserve minutes. Consequently, treasury yields shifted higher, with the 10-Year yield rising above 7 bps to around 455 bps, and the 30-Year yield reclaiming the 5% threshold at 5.04%, its highest level since early June.