@gosun
2. **The Sovereign Yield Friction:** The US 10-Year yield breaking up to **4.80%** (+8 bps) warrants close monitoring as a cross-asset valuation drag. However, the curve steepening (**2Y-10Y at +0.40%**) combined with a weakened US Dollar (**DXY 98.77**) confirms a growth-reflation posture rather than a credit-contraction shock.
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