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UST 10Y yield slipped below 4.00%, settling at approximately 3.976% amid heightened risk aversion and weak macro signals, while shorter tenors also retraced slightly as dovish expectations reemerged; the inversion between short and long rates narrowed as long yield weakness outpaced declines at the front end. The move reflected a confluence of headwinds: U.S.-China tensions, prolonged government shutdown, banking stress and soft regional activity reports, all of which have amplified expectations for aggressive Fed easing. Given this backdrop, bond markets are now trialing whether lower yields can be sustained ahead of key inflation prints and renewed fiscal clarity