The yield on the 10-year US Treasury note rose to over 4.27% on Tuesday, rising nearly 10bps in the last three sessions despite increasing bets of a Fed rate cut this month, as fiscal concerns and the threat of sustained inflation pressured bonds in the long-end. A fresh surge in issuance of corporate bonds flooded the fixed-income market with new securities, rekindling concerns of the unsustainable increase in US debt following the expansionary fiscal policy passed by Washington. Consequently, the yield curve steepened sharply as short maturity securities were supported by bets of a Fed cut while the long-end of the curve sold off. Similar developments were also noted in Europe as fiscal concerns in the UK pressured Gilts, while jitters on long-maturity selling by Dutch pension funds and a record-setting bond issuance day in Europe. On the economic data front, the prices paid gauge in the ISM Manufacturing PMI held above the 60 threshold, signaling aggressive inflationary pressure.