Today marked the largest single-day gain in the 10Y Note Yield in 17 months, rising +15 basis points. The last time we saw a move of this magnitude? In April 2025, on “Liberation Day.” This time, however, nothing notable happened today. This is just another day in the 2026 bond market. Next, the market is pricing-in another 25 basis point Fed rate hike in October. If the Fed is actually going to raise rates again in October, they should have hiked by 50 basis points on September 16th. Keep in mind, just 9 months ago, markets thought the Fed would be on its third rate cut of 2026 by now. It’s truly incredible how fast things can change in today’s markets.