Recent declines in the 30-year Treasury yield, which fell 13–15 basis points to 5.29% on October 22 amid safe-haven demand triggered by weakness in AI-related equities, reflect shifting risk sentiment despite persistent inflation pressures. September CPI rose 0.6% month-over-month with core measures accelerating, while producer prices surged, reinforcing expectations for the Federal Reserve to maintain or hike the policy rate above 3.75% at the October 27–28 FOMC meeting. Heavy Treasury issuance and elevated term premiums have kept yields elevated earlier in the month near 5.66%, but softer growth concerns tied to technology spending could support further downside if labor data or GDP prints disappoint. Traders are monitoring upcoming PCE and employment releases for signals on whether fiscal deficits and energy costs will sustain higher long-term rates.