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Fixed income markets experienced modest yield compression across key UST tenors, with 10Y yields edging down by approximately 2bp to near 4.08%, reflecting cautious investor sentiment amid dovish signals from the Fed. Shorter-dated USTs such as 2Y and 3Y also traded slightly lower, anchoring the front end of the curve. Investment grade corporates showed slight gains but underperformed similar-duration Treasuries by around 15bp, as spreads widened modestly by about 3bp to 85bp, the widest since June, pressured by elevated new issuance supply which exceeded consensus by nearly 50%. High yield and municipal bond sectors absorbed significant supply with generally positive reception, though fund flows were somewhat mixed, with some selective outflows offset by strong demand for new issues supported by heavy oversubscription. Overall, technical factors remain mixed: robust new issuance is balanced by ongoing inflows, sustaining a relatively stable but cautious credit market environment. Looking ahead, fixed income is expected to remain sensitive to Fed rate guidance and key economic indicators, with potential volatility around policy shifts influencing yield curve dynamics and credit spreads in the near term.