The yield on the 10-Year US Treasury note slipped to 4.96% on Monday after reaching 5.01%, its highest level in 19 years, earlier in the session. The move tracked a modest retreat in key energy prices as markets assessed inflation risks. Wholesale fuel prices fell after President Trump signaled that Russia and Ukraine would halt strikes on energy infrastructure, although energy inflation continued to weigh on Treasuries. Recent data indicated that tariffs and elevated fuel costs had affected underlying inflation measures. Money markets price in a 25-basis-point Federal Reserve rate increase on Wednesday. Long-dated Treasury yields were also supported by soaring corporate debt levels among AI companies, which limited capital allocation by primary dealers and other financial institutions. Expectations for hawkish policy from the European Central Bank and Bank of Japan also pressured bonds.