Recent safe-haven buying amid AI stock volatility and equity selloffs has driven 30-year Treasury yields down from October highs near 5.7%—a level last seen in 2002—to around 5.29% as of late October 2026. Persistent inflation, with September headline CPI at 3.7% and core at 2.6%, alongside elevated energy prices, has kept term premiums elevated despite the Fed’s September 25-basis-point hike to a 3.75-4.00% target range. Heavy Treasury supply from fiscal deficits continues to pressure the long end, while markets price only modest odds of near-term rate cuts. The October 28 FOMC meeting and upcoming inflation and labor data releases represent key near-term catalysts that could influence further downside in yields before year-end.