It was a relatively quiet week on markets, with activity across the main asset classes remaining muted. The lack of macro data releases meant there was no new information to provide directional impetus. Notably, the largest-ever US Treasury 10-year auction took place, with a size of $42 billion. Demand was strong, resulting in a bid-to-cover ratio of 2.56 and a yield of 4.093%. However, this auction, along with newly published long-term fiscal forecasts, highlights the sustainability of the federal deficit in the long run as we enter the Presidential election season.