Bullish sentiment flourished with a resolution of the debt ceiling, declining concern for regional banks, excitement for the potential productivity gains from artificial intelligence, and eventually a pause in rate hikes from the Fed. Equity markets surged, breezing by economic concerns in China, declining excess savings, tightening credit conditions, and broadly declining earnings. Intermediate and long-term rates rose as expectations for a hard landing subsided, which weighed against the collection of higher coupons.