UST yields rose sharply, with 10s +7bp to 4.24% amid Trump tariff threats on Greenland, sparking risk-off flows. 2s10s curve steepened 2bp, 5s30s unchanged; moves followed recent Beige Book noting modest growth and stable labor, ahead of any fresh data prints. US equities plunged (Dow -870pts/-1.8%, S&P -2.1%, Nasdaq -2.4%), HY spreads +5bp to 265bp, IG CDS +2bp (est.), iTraxx Main/Xover wider by 3-5bp, Asia ex-Japan CDS +4bp. Prior Beige Book highlighted slight-modest growth, contained inflation at moderate pace, labor stable. US IG CDS +2bp, HY +5bp to 265bp, iTraxx Main +3bp, Xover +5bp, Asia ex-Japan CDS +4bp on tariff fears.
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