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Global fixed-income markets registered clear upward pressure on long-dated yields amid mounting stagflation concerns, tariff-related uncertainty and fiscal stress. UST 10Y rose to ~4.28% while UST 2Y ticked up to ~3.65%, marginally steepening the curve to ~63bp. Long-end Treasuries bore the brunt of the move, especially 30Y yields approaching the 5% threshold as bond sell-off intensified post-Labor Day with renewed supply and political risk in focus. Investors rotated into safe havens like gold even as the dollar and long yields both surged—reflecting a volatile risk-off tone driven by debt, tariffs and central-bank credibility concerns.

ISM Manufacturing PMI printed 48.7 vs 49 expected, staying below the 50 threshold for the sixth month as new orders ticked higher but production and employment remained soft, while prices paid eased. The modest miss saw UST10Y end near 4.28% (-1bp) and UST2Y close 3.63% (flat), leaving the 2s10s spread around 62bp. The bigger story was supply: global borrowers priced over $90bn of investment-grade bonds, one of the busiest sessions on record. In the US, 27 issuers sold $43.3bn—the third-largest daily total ever, just shy of last year’s post-Labor Day record. Europe saw more than €47bn IG issuance, surpassing earlier records when combined with HY to €49.6bn, while Japanese corporates added ~$10bn across dollar deals, lifting their year-to-date cross-currency issuance above $100bn for the first time in a year. Heavy supply put upward pressure on yields intra-day, though demand remained solid with most deals well covered. Looking ahead, focus turns to JOLTS, factory orders, and durable goods for further read-through on labor demand and capex momentum.