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UST yields declined across the curve as a significant flight-to-safety trade dominated the fixed income market, reacting to sustained risk-off sentiment in global equities. The benchmark 10Y UST yield fell approximately 3.0bp, trading near 4.11%, while the rate-sensitive 2Y UST yield dropped by a sharper 3.4bp, stabilizing near 3.59%. This differential movement resulted in a bull-steepening of the yield curve. The bond rally was reinforced by a prominent Federal Reserve official’s statement favoring rate accommodation, modestly raising the market-implied probability for a near-term rate cut back toward 48%. In the credit sector, large-scale issuance by “hyperscaler” firms is influencing the Investment Grade segment, yet overall strategy remains skewed toward high-quality, short-to-medium duration instruments. Demand for specific sovereign debt remained robust, evidenced by significant oversubscription for China’s euro-denominated bonds. The immediate outlook mandates caution, with market attention intensely focused on incoming US labor and economic data as the next critical directional input for Fed policy. Duration risk remains elevated given the sensitivity to shifting monetary expectations.