Bonds & Stocks
Treasury yields richer by 1bp-2bp across the curve with intermediates outperforming slightly, steepening 5s30s by 1bp on the day; 10-year yields around 3.66%, richer by 2bp vs Monday's close with bunds outperforming by 3.5bp in the sector.
Economy
Goldman Sachs Group Inc. lowered its estimate of the odds of a US recession over the next 12 months to 25% based on waning banking-sector stress and the bipartisan agreement to suspend the nation's debt limit.
World
UBS Group AG will receive a more-than 2 year grace period before Switzerland imposes higher capital requirements on the bank related to its takeover of Credit Suisse Group AG.