In October, the 10-year U.S. Treasury yield eased to 4.08% from early October peak of 4.15%, as the prolonged federal government shutdown that began on October 1st dampened investor confidence and weighed on near-term growth expectations. U.S. headline CPI rose to 3.0% YoY in September (vs. 2.9% prior), while core CPI eased to 3.0% YoY, slightly below market consensus of 3.1%. Additionally, the ongoing federal government shutdown limited the flow of key macro data, with several statistical agencies pausing releases. Indonesia recorded 0.28% MoM inflation and 2.86% YoY inflation in October, with core rising to 2.36%. Bank Indonesia unexpectedly kept its BI-Rate unchanged at 4.75%, defying market expectations to cut rates to 4.50%. Indonesia’s 10-year government bond yield declined from 6.31% to 6.06%. Sukuk issuance rose to IDR 6.7 trillion in October from IDR 3.6 trillion in September bringing the YTD total to IDR 44.9 trillion, still well above maturities of IDR 20.2 trillion. Corporate bond issuance declined to IDR 13.9 trillion from IDR 14.9 trillion in the previous month. YTD issuance to IDR 131.4 trillion, slightly above maturities of IDR 131.2 trillion.