The yield on the US 10-year Treasury note eased from earlier peaks to 4.1% on Monday, but remained near the highest in three weeks as markets assessed the limited scope of data for insights on how the Fed will guide rates in the coming months. The ISM Manufacturing PMI reflected a sharper-than-expansion contraction for goods producers in the US in October. Additionally, employment and price gauges were also below the market consensus, aligning with the more dovish members of an FOMC that shows increasing signs of diverging opinions. The Federal Reserve cut its rates by 25bps last week, as expected, but Chairman Powell pushed back against the certainty of another cut next month, triggering a slide in Treasuries across all maturities. This was despite the announcement of the end of the Fed's balance sheet runoff. The move will turn the Fed into a net buyer of short-term securities as Treasury bills will offset maturing MBSs, aiming to reduce recent stress in overnight funding markets.