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UST yields dipped at the start of the 10/22–10/23 trading window as soft labor data and a prolonged U.S. government shutdown boosted safe-haven flows, with the 10Y closing near 4.02% (down ~2–3 bp) and the 2Y edging lower toward ~3.54%, causing the curve subtly steepen. However, the decline in yields failed to gather momentum as mounting Treasury issuance and elevated term premium emerged as significant headwinds; dealers cited heavier long-end supply and limited buyer depth which capped potential gains for longer maturities. The market interpreted this tug-of-war as a recalibration phase: even if policy cuts are still expected, structural risks like green-lighting fiscal deficits and geopolitical uncertainties have begun to dominate duration pricing. Investors continue to factor in a gradual Fed easing path rather than a swift move, and are now closely watching upcoming inflation data and auction results for clues on whether the rally in Treasuries can resume or if yields need to reprice higher to reflect persistent back-end constraints.