The G-Sec curve saw a steepening with mixed movement seen across tenors. On the US front, Non-Farm Payroll came at 64K in November 2025, exceeding market expectations of 50K. However, the US unemployment rate rose to 4.6%, above the consensus estimate of 4.4%. Also, headline CPI inflation eased to 2.7% YoY(vs. expectations of 3.1%), down from 3.0% previously. The US 10Y hovered around 4.15% level.
