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U.S. November durable goods orders (preliminary) rose 5.3% month-over-month, while core durable goods orders (preliminary) grew 0.5% month-over-month, both beating expectations and marking the largest increase in six months, supported by strong demand for commercial aircraft and other capital equipment. The 2-year U.S. Treasury auction held overnight showed strong demand, with combined direct and indirect bidding accounting for 92.7%, up from 87.3% previously. The bid-to-cover ratio reached 2.75 times, compared with 2.54 times at the prior auction. The high yield came in at 3.580%, around 1.4 basis points below the pre-auction when-issued yield. Treasury yields initially faced upward pressure from robust supply data but eased following the auction. The 2-year yield edged down 0.4 bps to close at 3.59%; the 5-year yield fell 0.5 bps to 3.82%; the 10-year yield declined 1.4 bps to 4.21%; and the 30-year yield dropped 2.4 bps to 4.80%. On the curve, spreads flattened: the 2s10s positive spread narrowed to 62.1 bps, while the 5s30s positive spread closed at 98.3 bps. The 10-year U.S. Treasury yield is expected to trade in the 4.18–4.24% range today, showing a mildly bullish consolidation. Later tonight, the U.S. Conference Board Consumer Confidence Index will be released, followed by a $70 billion 5-year Treasury auction in the early morning.