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UST yields rose following dovish expectations being tempered by more hawkish signals from the Fed, with 10Y ending near 4.14% (+~3bp) and 2Y at ~3.57%, as rate cuts remain anticipated but with less clarity. The 10-2 spread widened to ~57bp, reflecting steeper curve driven by firm long yields. Long-dated tenors like 20Y and 30Y also moved up, with 30Y near ~4.75%, underscoring investor concern over the persistence of inflation and fiscal pressures despite easing monetary policy. Market participants cited Powell’s cautious tone—that cuts are not assured and will depend on incoming data—alongside soft labor signs and inflation trends to recalibrate expectations.