A major shift unfolded in bond markets after speculation about Federal Reserve leadership changes. The 10-year Treasury yield surged, marking its strongest monthly performance since early December and hitting the highest closing level since mid-September. Traders quickly repositioned, with betting markets reflecting evolving expectations around who might assume the Fed's top role. This yield spike carries real weight for portfolio managers—when bond yields jump this sharply, it typically signals changing expectations around monetary policy and economic conditions, which in turn affects how capital flows across different asset classes. For those tracking macro trends, this move is worth monitoring, as Treasury yields often set the tone for broader market sentiment and risk appetite in the months ahead.