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Firmer-than-expected easing in producer inflation reinforced rate-cut expectations, sending UST sharply lower: 10Y dropped to ≈4.045% (−2.9 bp) and 30Y eased ≈2.4 bp, marking the lowest Treasury yields since April, while a $39 bn 10Y auction drew solid demand, aiding yield compression and curve stabilization. Global stocks rallied as inflation concerns waned, with record highs in equity benchmarks supported by dovish Fed sentiment and easing PPI. Markets priced in a near-certain 25 bp cut next week, and the slope of the curve is set to steepen further in coming months amid fiscal uncertainty and elevated term-premium expectations.