Summarise in 200 characters:

Treasuries bear steepened today following through on yesterday’s breakout to higher yields. The selloff started in the overnight session and continued following the BOE’s hawkish pause. Claims came lower than expected and the pressure on yields continued into mid-day. Risk assets were also under pressure throughout the day in what seems like a sell everything rally with volatility spiking. The 1pm $15bb 10yr TIPS re-opening came at the market with dealers taking 6.8% of the auction, lower than average, but not as low as July’s 1.5% takedown. Flows saw RM buying 3s, 5s, 20s, two ways in 10s, while HFs bought 3s, sold 2s and 5s. Market go out at the steeps and the lows in the back end. Some speculation the BOJ will lean hawkish tonight. PMIs in Europe tonight and in the US tomorrow. Cook, Daly, and Kashkari are scheduled to speak. 

In China IG, confusing day for clients given rates move. Spread bonds generally unchanged to 2bps tighter with some short covering and local buying. Most of the activity has been in the front ends. Decent volumes going through in TMT again, though overnight market had better selling in high beta – felt well digested by street shorts. HRINTH is unchanged to 0.5pt lower on some fast money and street selling. Moody's places China Jinmao's Baa3 ratings on review for downgrade. Yuexiu Property entered into a HKD600m 12-month facility agreement with a bank. Moody's affirmed China Resources Land at Baa1; outlook to negative from stable. Moody's affirmed Poly Development at Baa2; outlook to negative from stable. 
In China HY, quiet day and market is dripping again with HY down around 1-3pts and distressed down 25c roughly across names. Not a lot of volumes are going through with lack of conviction everywhere and investors do need the sales data to help them make that judgement how effective the launched policies are and go from there. 

In Sovereigns, INDON/PHIL traded 0.25-1pt lower with spreads 2-3bps wider on the back of the rates selloff post FOMC. Flows seemed two-way with RM buying vs ETF selling. In frontiers, MONGOL/SRILAN both unchanged. In IG, FOMC sent rates selling off with rates bear steepening as yields reached new highs. Overnight flows saw balanced two-way between RM accounts with buying in PETMK vs selling in KNBZMK and two-way in India IG. Flows were on the lighter side today as we saw some RM selling of 10y and duration in Thai/India, but later saw an influx of smaller PB buying in India IG. BBLTB new issues 0.5bp wider on RM selling vs PB buying. PTTGC unch-2bps tighter and new BBLTB 0.5bp wider. In HY, treasury yields finally broke the highs and entered a new range while equities sold off post FOMC. Credit on the other hand still holding firm. Around 0.25pt lower, spreads are tighter in light flow. VEDLN continued to outperform with 25s +1pt. DW article out this morning saying company is in touch with private credit fund for a 1bn loan. Believe that's another option they are trying to explore other than the SCB loan market was talking about but let’s see how it goes. ADANI complex also traded well with bonds broadly unchanged. Active in ADANEM with bonds outperformed the curve +0.25pt.

AT1s closed the day about 0.3pt lower, unable to resist the moves in equities and govt bond markets.  No large amounts of selling from end investors but dealer were nevertheless more defensive on the bid side. Volumes were the lowest of the week so far, with most investors busy with primary in other parts of the cap stack. Active names include HSBC, SOCGEN, UBS, INTNED, BBVASM, ISPIM, LBBW, ABNANV and BNP.

In SGD, risk sentiment softer post FOMC’s hawkish pause as rates continue to trend upwards. Street opened defensively as bid enquiries dominated the morning session, but this balanced out in the afternoon as retail segment came in to lift offers that were cheaper. Some two-way seen in foreign bank AT1 and slightly better buying in T2 but bonds unable to rally as were dealers keen to trim risk. Mix flows in corporate perps with a skew to better selling, space is 10-20c lower. Recent new issues also opened about 5c weaker, and retail took the chance to collect the bonds but performance diverged throughout the day with HSBC 34 closing unchanged around 100.85 but AIA 5.1 Perp dropping back to par. Active names include AIA, BACR, BNP, FPLSP, HSBC, MAPLSP, MQGAU, OCBCSP and UOBSP.