US Treasury futures reached daily highs after the release of September ADP employment data. ADP employment declined by 32,000, falling short of the expected increase of 51,000, while the previous month's figure was revised downward from an increase of 54,000 to a decrease of 3,000. The Treasury bull market steepened, with the short and medium segments of the curve leading gains following the data release.

Yields across the curve declined broadly by 3-6 basis points during the session, with the 5s30s spread touching intraday highs as the curve steepened by nearly 3 basis points.

Overnight Index Swaps (OIS) corresponding to Federal Reserve meetings show market expectations for the October policy meeting equivalent to a 23 basis point rate cut, compared to 22 basis points at Tuesday's close. Cumulative expectations for the remaining two meetings this year stand at 45 basis points, up from the previous 42 basis points.