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UST 10Y yield eased 2bp to 4.14% post-Fed’s 25bp cut to 3.50%-3.75% range, signaling potential pause in easing amid stronger 2025 GDP forecast at 2.3% and sticky inflation near 2.8% PCE. 2Y yield dipped 2bp to 3.52% from 3.54%, 3Y to 3.58%, steepening 2s10s curve by 1bp to ~62bp as long-end underperformed on fiscal deficit concerns and hawkish global tones. IG corporate spreads tightened to historic 74bp OAS, with HY corporates gaining 12bp vs Treasuries on $1.2B inflows, while munis held steady amid muted supply. Global long-end yields hit 16-year highs, reflecting faded rate-cut bets from ECB, BoJ hike signals, and Aussie hawkishness. Curve steepening favors duration extension in belly, but IG/HY relative value shines with tight spreads; watch fiscal risks and Jan data for next pivot, positioning barbell for volatility.