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UST yields reversed earlier declines after Powell’s cautious commentary renewed hawkish fears; 10Y climbed toward ~4.14% (+~5bp) while 2Y also advanced, compressing room for further cuts and flattening parts of the curve. The increase followed mixed global sentiment—stocks retreated and the dollar strengthened—amid reassessments of policy clarity and inflation risks. Treasury demand appeared second-tier given abundant issuance and shifting expectations that the Fed’s easing path may be more gradual than markets hoped.