Recent Federal Reserve action on September 16, raising the federal funds target range by 25 basis points to 3.75-4.00 percent amid 3.4 percent year-over-year CPI inflation for August, has lifted 5-year Treasury yields toward 4.78-4.86 percent levels. This hawkish shift, the first rate increase in years under new leadership, reflects concerns over persistent price pressures and resilient economic activity despite geopolitical uncertainty. Yields traded as low as approximately 4.52 percent early in September before the policy move reversed the downward trend. With the month nearing its end, remaining data releases and any further Fed communications could influence whether yields test those earlier lows or remain elevated near current trading ranges.