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UST10Y eased slightly to ~4.04% from ~4.06% as investors priced in a nearly certain 25 bp Fed rate cut at the upcoming meeting, while short-dated yields fell more modestly, keeping the yield curve modestly steeper. Buy-and-hold demand in longer maturities strengthened, supported by soft labor data and lower inflation pressure, though fiscal risks and heavy Treasury issuance kept upward pressure on term premiums. Fund managers warn political interference with Fed is weighing on credibility, which could push long yields up even in a dovish environment. Markets now look to Fed projections, inflation data and rate-setter commentary for signals on the pace and size of easing.