Recent 30-year Treasury yields peaked near 5.67% in early October amid renewed inflation pressures from elevated oil prices tied to Middle East tensions, a September Federal Reserve rate hike to the 3.75-4% target range, and stronger real growth expectations. Yields have since eased to around 5.42-5.44% as of late October 20-21, reflecting scaled-back near-term rate hike odds—with markets assigning roughly 85% probability of no change at the October 28-29 FOMC meeting—alongside attractive carry levels and a higher real term premium. Key drivers include resilient labor data, AI-related capital demand, heavy Treasury supply, and anchored long-term inflation expectations, with the next CPI release and Fed communications likely to influence further moves before month-end.