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U.S. Treasury yields edged lower initially on Stephen Miran’s dovish remarks that calm bond markets support further cuts, but quickly reversed as attention shifted to persistent inflation risk and supply pressures; 10Y eased to ~4.13% (from ~4.15%) but then retraced upward along with 2Y as investors reconsidered the pace of easing, and 30Y also drove higher on renewed risk premia. The pendulum swing revealed how sensitive markets remain to policy nuance: even dovish comments get discounted when inflation concerns, heavy issuance and term premium dynamics re-emerge. As shutdown risk lingers and data flow remains muted, bond markets are poised for continued volatility until clearer signals arrive.