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Investor optimism over a Fed rate cut this month—spurred by weak US payrolls data—drove UST lower across the curve, with 10Y ending near 4.05% (−5 bp) and 2Y slipping to ~3.50% as markets priced in up to 50 bp of easing; the 10–2 curve held around 56 bp. Simultaneously, Treasury is ramping ultra-short issuance, hitting a record $100 bn in weekly T-bills as it shifts toward rollable debt, which has helped suppress yields despite rollover risk. Safe-haven demand persisted: gold hovered near record highs and political volatility in Japan and France added uncertainty. With inflation data and a $39 bn 10Y note auction looming, markets brace for more direction on the Fed’s path.