In September, the 10-year U.S. Treasury yield eased to 4.15% from early September peak of 4.26%, as the Federal Open Market Committee (FOMC) lowered the federal funds rate by 25 basis points. U.S. headline CPI rose to 2.9% YoY in August (vs. 2.7% prior), while core CPI remained stable at 3.1% YoY, matching market consensus. Markets priced in further easing, though upside risks remain from tariff-driven inflation, heavy Treasury issuance, and political challenges to FED independence. Indonesia recorded 0.21% MoM inflation and 2.65% YoY inflation in September, with core rising to 2.19%. At its Sep 16–17 meeting, Bank Indonesia unexpectedly cut the BI-Rate by 25 bps to 4.75%, defying market expectations to hold rates steady at 5.00%. Indonesia’s 10-year government bond yield declined from 6.41% to 6.37%, as President Prabowo reshuffled his cabinet and replaced Finance Minister Sri Mulyani with Purbaya Yudhi Sadewa, unsettling investors and raising concerns over fiscal credibility. Sukuk issuance rose to IDR 3.6 trillion in September from IDR 2.5 trillion in August, bringing the YTD total to IDR 38.2 trillion, still well above maturities of IDR 18.0 trillion. Corporate bond issuance rose 203.5% YoY to IDR 14.9 trillion, lifting YTD issuance to IDR 117.4 trillion and maturities of IDR 97.3 trillion in August.