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UST 10Y yield edged down 1bp to 4.00% amid mixed economic signals, with 2Y at 3.68% (-1bp) and 30Y at 4.82% (-0.5bp), steepening the curve slightly. IG corporate spreads widened 3bp to 85bp on heavy $45B supply despite $6B inflows, lagging Treasuries by -15bp. HY underperformed with spreads firming amid higher base rates, while MBS and EM debt advanced on dovish Fed rhetoric lifting cut odds to 75%.​

Treasuries rallied post-jobs data showing 119k adds and 4.4% unemployment, offsetting hawkish regional Fed comments. Municipal yields held steady with $14.1B issuance absorbed via $130M inflows. Global DM rates trended higher earlier but stabilized, with Bunds and Gilts flat.​

Outlook favors duration extension if Fed delivers December cut, targeting 4%-5% UST range amid rising term premiums. Credit selection leans IG over HY given tight spreads; watch CLO/ABS for relative value as mom-and-pop fixed maturity funds distort flows. Volatility persists around FOMC path revisions and PMI data.