Category: Business Mirror

THE crypto market selloff shows no signs of abating, and the smallest, riskiest tokens are bearing the brunt of it.

The MarketVector Digital Assets 100 Small-Cap Index, which tracks the 50 smallest digital assets in a basket of 100, fell to its lowest level since 2020 on Sunday.

The low-point came as Bitcoin, the largest cryptocurrency, erased what was until recently a 30 percent year-to-date gain, just weeks after setting an all-time high. Seen as a barometer for the very riskiest of speculative appetites, so-called altcoins are lagging their larger counterparts badly in 2025.

During past bull markets, the small-cap index often outpaced its large-cap counterpart, benefiting from traders’ hunger for high-risk, high-reward bets. But that trend reversed last year after the US approved Bitcoin and Ether exchange-traded products, which became a focal point for institutional flows.

Over the past five years, the small-cap index is down nearly 8 percent, while its large-cap counterpart has surged about 380 percent, highlighting how far the segment has fallen out of favor.

Retail traders are learning lessons from previous cycles, said Pratik Kala, portfolio manager at Australia-based hedge fund Apollo Crypto. ‘A rising tide doesn’t lift all boats-it only lifts the quality ones,’ he added.

The broader crypto market is still reeling from an October 10 meltdown which triggered about $19 billion in liquidations and wiped out more than $1 trillion in market value across all tokens. Since then, risk appetite has collapsed, and traders continue to steer clear of the most speculative corners of the market.

HEALTH and beauty retailer Watsons continues to promote good health through various means as part of the brand’s purpose to ‘Look Good, Do Good, Feel Great.’

On November 29, Watsons Playlist 2025: All of the Feels Concert brings together two of OPM’s biggest names-Rico Blanco and Ben and Ben-for their first-ever exclusive collaboration. The concert at the Smart Araneta Coliseum will also feature exclusive performances from Zack Tabudlo, Earl Agustin, the Juans, and Hey June!

Watsons sees self-care going beyond skincare and supplements. It can be about tuning in to your emotions through music, which is seen as a universal language.

Through Watsons Playlist 2025, the brand celebrates personal care and emotional care. The Watsons Playlist concert series originated as an exclusive event for Watsons Club members in the Philippines in 2023.

Watsons Playlist 2025: All The Feels Concert is supported by Stresstabs, Maybelline, Barenbliss, BYS, Luxe Organix, Fresh, Silk Secrets, Pretty Secret, Nivea, Bioten, Bloom, Safeguard, Watsons Brand, Collagen by Watsons, Dermaction Plus by Watsons, Hair System by Watsons, Naturals by Watsons, Target Pro by Watsons, Body Treats, Glam Works, Hair Treats, Watsons Generics, Kiss Hair, Enervon Z, Erceflora, Strepsils, Neozep Z+, Bigen Men, Freshman, Sofy, Revlon, Garnier, Pregroe, Regroe, Poten-Cee, Jeunesse, COSRX, Fern-C, Habit, Haircarebear, NutriXpert, and Wellspring.

‘Music and self-care really go hand in hand,’ said Rico Blanco. ‘Ibang klaseng experience kapag kasama mong nanonood ng concert ‘yung mga barkada, mga loved ones mo. It gives you a different level of warmth and love.’

‘Sobrang excited namin sa show na ‘to! We have lots of surprises prepared for this show, too, na dapat talagang abangan and we can’t wait to share all the feels with our Liwanag family,’ said Miguel of Ben and Ben.

‘I’m so excited to perform live and be part of something that connects music and self-care in such a real way,’ said Zach Tabudlo.

The Juans, known for the song ‘Hindi Tayo Pwede,’ is excited to perform at Watsons Playlist for the first time. ‘Sa totoo lang, music talaga helps us process our emotions-whether masaya or may pinagdadaanan,’ said Carl of The Juans.

Score tickets via the Watsons app. VIP Seated tickets are free for a minimum purchase of P6,500 while VIP Standing seats come free for every P6,300 spent. Patron tickets are free for every P5,500 checkout, Lower Box Premium tickets for every P5,000, and Lower Box Regular tickets for every P4,000 worth of purchases.

Upper Box and General Admission tickets are free for every P2,500 and P2,000 worth of purchases, respectively. Ticket tiers are subject to availability, and tickets are included as your gift with purchase for every single-receipt checkout that meets the minimum purchase requirement. Each purchase should also include at least one participating item.

Qualifying purchase amounts are exclusive of standard delivery fee. You will see your Watsons Playlist 2025 concert ticket as a gift with purchase (GWP) item in your checkout basket. One completed transaction is equivalent to one ticket.

When Converge co-founder Dennis Anthony Uy speaks of building a ‘Digital Philippines’ anchored on a sovereign cloud and nationwide fiber infrastructure, he is not speaking in metaphors. He is articulating a long-term architecture for a country whose competitiveness now depends on data, speed, and secure connectivity.

Converge today is no longer just a challenger telco. It is fast becoming a national-scale digital utility whose fundamentals point to quiet but formidable strength. In fact, it is earning plaudits for its way of doing business and its financials reveal that it is hitting its KPIs, key performance indicators that show its institutional leadership.

Its financial results for the first nine months of 2025 reinforce this trajectory. Converge posted P32.9 billion in revenues, up 10 percent, driven by a resilient residential subscriber base and a 16-percent jump in enterprise clients. Its EBITDA surged to P20.2 billion, with a margin of 61 percent-one of the highest across Asean telecoms. Net income reached P8.9 billion, mirroring strong cost discipline and operating efficiency.

The company’s fresh Five Golden Arrow award from the Asean Corporate Governance Scorecard is a milestone rarely achieved by a five-year-old publicly listed corporation. This recognition places Converge among the Philippines’ best-governed companies-and signals to both local and foreign investors that the telco’s governance architecture is not superficial but structural.

Converge’s success can be attributed not just to Uy’s tech savvy but to having put in his board two figures whose public service footprints are etched into the country’s developmental history: Management whiz Jose ‘Ping’ de Jesus, who was DPWH Secretary under President Cory Aquino and later DOTC Secretary under the presidency of Benigno Aquino Jr., and the financial acumen of former BSP Governor Amando Tetangco.

I remember feasting on lechon early in the night with legendary construction magnate F. F. Cruz together with Ping de Jesus and a few others during the concrete pouring for the Ortigas Interchange. Ping’s foresight in building secondary roads ahead of the said infra prevented the paralyzing traffic that would have crippled the capital. And Governor Tetangco Jr., as steward of the central bank, reversed the image of the country as a net borrower to that of a net lender. Tetangco achieved macroeconomic credibility so solid that we became an IMF lender of $1 billion-a symbolic turning point for national stability.

With directors of this caliber providing guidance, Converge’s governance success is no accident. It is engineered. This, in essence, is what provides insights into the listed company’s push for Digital Philippines, a launchpad for the future of the country’s success as a magnet for capital. Both De Jesus and Tetangco have solid credentials in securing foreign investments for the company’s expansion program that includes undersea cable infra.

We understand that Converge is set to activate next month the Bifrost Cable System and the Southeast Asia Hainan-Hong Kong Express Cable System (SEA H2X) that would link the country to connection points in the Asia-Pacific region. Bifrost spans a 20,000-kilometer subsea cable system with a capacity of up to 15 terabits per second (Tbps).

The company also maintains one of the healthiest balance sheets in Philippine corporate circles. Net debt-to-EBITDA stands at only 0.4x, gross debt decreased by 14 percent, and its debt service coverage ratio of 3.4x far exceeds covenant requirements. These figures give Converge wide strategic room-allowing expansion into underserved regions, enabling investments in data centers, and opening the path toward a sovereign cloud infrastructure that could one day secure the nation’s digital assets.

A sovereign cloud is not just a technological upgrade. It is an act of digital independence: ensuring that government databases, citizen records, and critical national systems remain under Philippine jurisdiction. In a world of cyberattacks and data espionage, this is not optional. It is foundational.

Converge today stands at the intersection of governance, discipline, innovation, and national relevance. It is one of the rare Filipino companies that can scale capacity while strengthening balance-sheet integrity-a combination that places it in the league of future digital pillars of the country.

As the Philippines strives for economic renewal and technological modernization, companies like Converge will form the backbone of a broader national transformation. They quietly expand fiber, strengthen digital infrastructure, and reinforce investor confidence. In an environment often shaken by regulatory unpredictability, Converge is showing what consistency, vision, and governance can accomplish.

The Digital Philippines will not be built overnight. But if we are to build it at all, it will require institutions whose architecture is as solid as their ambition. Converge is one of them.

A NEWCOMER to the international stage and a battle-tested veteran stamped their class in the inaugural 5150 FAB Triathlon champions at the Freeport Area of Bataan on Sunday.

Local ace Erik Esperanzate shook off a sluggish swim with a blistering assault in the bike leg-his strongest discipline-before outhustling James Van Ramoga in the final run to secure the overall crown in the 1.5-km swim, 40-km bike and 10-km run race in two hours, 31 minutes and 47 seconds.

‘I poured it all in the bike, that’s my strength.and I just floated in the run leg,’ said Esperanzate as he relished a triumphant debut in his first international triathlon.

The 18-year-old standout from PUP Bataan, already a familiar face in local competitions and a former Batang Pinoy podium finisher in criterium cycling, pieced together splits of 29:03 (swim), 1:12:47 (bike) and 47:42 (run).

Ramoga came in second in 2:32:58 while Finland’s Jamo Makelainen snatched third place honors in 2:41:09.

In the women’s division of the inaugural race organized by Sunrise Events Inc. in cooperation with FAB, Nicole Andaya again proved why inaugural Olympic-distance races suit her perfectly, powering her way to the overall title with a decisive performance in the bike segment, where she recorded 1:29:37 on her way to a 2:52:53 total clocking.

She negotiated the swim in 28:32 and the run in 0:51:05.

‘I really like the bike course because of the climb.and pain is part of triathlon,’ said Andaya, who also won the first 5150 Dapitan last year. ‘But when you reach the top, you see the view of the whole Bataan, which I really enjoy.’

Nica Virtucio timed 3:00:23 to place second while Jayvee Guemo finished third in 3:01:52.

Esperanzate and Andaya topped their respective age groups-Esperanzate ruling the 16-19 division and Andaya leading the 30-34 bracket.

Other age-group winners in the 5150 FAB were (men’s division) Ramoga (20-24 – 2:32:58); Ivan Reyes (25-29 – 2:44:48); Adrian Gonzales (30-34 – 2:56:22); Cha Cruz (35-39 – 2:42:57); Jeremy Go (40-44 – 3:00:30); Makelainen (45-49 – 2:41:09); Jose Tindog (50-54 – 2:59:59); Dante Macalintal (55-59 – 2:56:56); Joseph Tuazon (60-64 – 3:32:04) and Manolo Sitchon (65-69 – 4:51:26);

(Women’s) Guemo (25-29 – 3:01:52); Mitsuki Tanaka-Tan (35-39 – 3:07:53); Cristine Montuya (40-44 – 3;04:31); Mishka Uytengsu (45-49 – 3:29:51); Anna Marie Rocillo (50-54 – 4:04:24); and Leoniza Gusilatar (55-59 – 4:36:49).

In the Sunrise Sprint, a 750-m swim, 20-km bike, and 5-km run, Natalie Loise won the women’s 25-29 title in 1:52:43, while Monique Martinez topped the 30-34 division in 1:57:53.

Other winners were Marylou Ang (35-39 – 2:07:22); Angeline Omilig (40-44 – 2:12:01) and Margie Reyes (60-64 – 3:05:12)

Sean Julian, on the other hand, timed 1:32:47 to rule the 16-19 in the men’s side, along with Adrian Bangkiling (20-24 – 1:24:42); Ryan delos Reyes (25-29 – 1:54:04); Paolo Cua (30-34 – 1:40:34); Bryan Degoma (35-39 – 1:44:43); Anthony Emperado (40-44 – 2:04:19); Alessio Giardino of Italy (45-49 – 1:36:07); Brian Castillo (50-54 – 1:47:31); and Raimo Kauttio of Finland (55-59 – 2:30:17).

FIT PH, bannered by Arden Gonzales and Paul Garcia and Mishka Uytengsu, captured the team competition in 16:58:37, while topping the relay event were BYBS Tri (women’s – 2:43:31); Project Z (men’s – 2:29:35); and The Usuals (mixed – 2:34:38).

Aside from the incredible music, what made me a fan of Wolfgang was the depth and breadth of vocalist Basti Artadi’s lyrics. I always thought that this was the work of a well-read, deep, and creative man.

Hard rock isn’t usually given to a literary bent, but whenever I hear Wolfgang, I always think of Led Zeppelin and Iron Maiden; bands given to songs about literature, war, mythology, and dark fantasy, among others.

And it is cool that in the last several years, we’re seeing a greater appreciation and a revival of all things Wolfgang. Is this the second act of their lives?

First, there was a re-release of Acoustica in record format. Then there was the graphic novel treatment of their song, ‘Darkness Fell’. And more recently, the 30th Anniversary editions of their self-titled debut album, which is one of the greatest OPM albums ever.

Now, there is Si Faust, a rock and roll opera making use of reworked Wolfgang songs wrapped around a reimagination of the magnum opus of German Literature – Johann Wolfgang von Goethe’s ‘Faust.’ Now, if that isn’t a sign that it is a match made in both heaven and hell, I don’t know what is.

In a nutshell, the German tragedy is about a man named Faust who makes a deal with the devil and ends up biting more than he can chew.

That is not the case for Arete, the hub for creativity and innovation at the Ateneo de Manila University. Si Faust is their first stab ever at a rock opera staging.

While there have been previous stagings of rock operas locally – Jesus Christ Superstar comes to mind – Si Faust is a bold musical to stage because the play director Nelsito Gomez studied and dissected Wolfgang’s songs and once finding a common thread, decided to use Faust. Except it isn’t set in 16th-century Germany but in a Philippine setting.

It wasn’t just the Wolfgang songs but even the performances. The band’s brilliant guitarist, Manuel Legarda, had to perform and change the guitar parts for an opera setting. His work on them, including the performances, well, I will never look at a Wolfgang song in the same light.

Adding to the bold moves is casting Joseton Vergel de Dios as Faust in his first stage performance. He was brilliant.

Post-show, I joked to Wolfgang guitarist Manuel Legarda, you know where to get a singer in case Basti isn’t free.

Add to that the minimalist design of the stage by director Nelsito Gomez and the fitting of Wolfgang’s songs into a localized setting of the German play. brilliant!

I love that they cast Maita Ponce as Mephistopheles. Sometimes, I actually thought she stole the show from Vergel de Dios’ Faust.

Without giving away anything, as this will be the final week of its stage run (at least for now), Si Faust is mesmerizing from the story, the reworked songs, and the powerful performances.

As for the soundtrack, from the opening scene and medley of ‘Twist of Lime’, ‘Molds’, ‘Emperor Wurm’, and ‘Sanctified’ (from Wolfgang’s third album, Wurm) to the final medley of ‘Aching Tree’, ‘IOU’, ‘Hell Looks’, ‘A Matter of Time’, ‘Le Fusilier’s Theme’, and ‘Cast of Clowns’ (all songs save for the latter that is from Wolfgang’s self-titled debut while all the others are also from Wurm), my hair stood up. Who needs gel or spray net when you have Si Faust! In fact, during the break between the first and second acts, I asked Basti to feel the goose bumps that had not subsided. That is how much I was feeling about Si Faust.

And I am happy to say that you do not need to be a Wolfgang fan to appreciate or even enjoy Si Faust. The young girl who sat next to me wasn’t even a fan. To borrow her words, she had her mouth open in amazement from the beginning.

But don’t just take it from me. Embrace the darkness – and brilliance – of Si Faust in this final week at the Arete. And. the exciting second act in Wolfgang’s life.

Thursday November 20 at 7:30PM

Friday November 21 at 7:30PM

Saturday November 22 at 2PM and 7:30PM

Sunday November 23 at 2PM and 7:30PM

INTERNATIONAL human rights lawyer Amal Clooney and actor-director George Clooney headlined this year’s Rappler Social Good Summit, where Amal announced the upcoming launch of a Philippine initiative aimed at giving Filipino women and journalists greater access to legal aid and counsel.

In her keynote speech, Amal emphasized how Artificial Intelligence (AI) can be used to expand access to justice, noting the need for a more ‘laymanized’ and community-centered legal system. The project will form part of a global program spearheaded by the Clooney Foundation for Justice and the Oxford Institute of Technology and Justice.

‘We hope to launch a similar partnership with the University of the Philippines College of Law so we can make sure that any journalist facing criminal charges does not do so in the shadows,’ Amal said. ‘The eyes and ears of the world should be in court, and pro bono legal support must be available to the journalists who need it.’

Beyond the announcement of the legal-aid program, Amal highlighted the role of the youth, saying she draws hope from young people who are unafraid to call out injustice and use their voices for good. She stressed that this makes it all the more urgent to protect the rights of those who speak up.

In a conversation with Rappler CEO Maria Ressa, George Clooney shared that he and Amal held a ‘productive conversation’ on Friday with President Ferdinand Marcos Jr., centered on the importance of press freedom and ensuring that journalists have a platform to speak freely.

Amal also appealed directly to President Marcos Jr. to create a safer environment for journalists, underscoring that a free press is essential to any functioning democracy. She closed the discussion with a message of solidarity to Ressa: ‘We look forward to returning and celebrating your freedom.’

The Clooneys expressed eagerness to return to the Philippines, describing their visit as ‘productive and accommodating’ to their advocacies.

Their session left a powerful message: Journalists deserve the same protections afforded to business leaders, lawyers, and public officials. They should not face imprisonment for crimes they did not commit, nor should journalism ever be treated as a crime.

The keynote marked a compelling and impactful opening to the Social Good Summit 2025, setting the tone for a conversation on justice, technology, and safeguarding democratic freedoms.

THE Ladies Philippine Golf Tour (LPGT) regulars are again stepping on familiar battlegrounds and facing equally familiar adversaries as they chase a long-awaited breakthrough victory in the Taiwan Ladies Professional Golf Association (TLPGA) Tour.

Thailand standouts PK Kongkraphan and Cholcheva Wongras, Taiwan’s Ching Huang, Hsin Lee and Yu Ju Chen, Japan’s Yuna Arakawa and Singapore’s Amanda Tan headline the international field that will stand in the way of the Filipina contenders.

Kongkraphan edged Harmie Constantino and three others at the Luisita Ladies International last year, while Huang has proven her mettle with a victory at Tagaytay Midlands and Lee, Chen, Arakawa and Tan have been long-running fixtures in the Party Golfers Ladies Open.

For the Filipinas, these names are anything but new and that familiarity fuels belief that this could finally be their year.

The NT$5 million Party Golfers Ladies Open unwraps Wednesday at the Lily Golf and Country Club in Hsinchu with the Philippine contingent exuding confidence after a grueling but rewarding LPGT season.

Chanelle Avaricio, Princess Superal, Mafy Singson and Florence Bisera-all LPGT leg champions this year-lead the charge.

Bisera is particularly eager as she rides momentum from her maiden international win in Thailand last September.

After becoming the inaugural winner of the Asia Pacific Up in 2022, the multi-titled Superal has been on a roller-coaster run-winning some events while struggling in others-as consistency continues to elude her after she captured the Caliraya Springs leg but faltered in a couple of title bids.

But perhaps no one has more unfinished business in Taiwan than Daniella Uy.

Uy’s joint fourth-place finish in 2019 remains the best showing by an LPGT player in the event, falling just three strokes short of local heroine Yu Ling Hsieh.

Still winless this LPGT season, the TLPGA campaigner hopes that her experience on this course-and her long-running encounters with many of the same rivals-will finally translate into a triumphant week.

Also joining the strong LPGT cast are Lois Kaye Go, Martina Miñoza, Velinda Castil, Gretchen Villacencio, Annika Cedo, Marvi Monsalve and Rev Alcantara.

Rounding out the roster are Kristine Fleetwood, Monica Mandario, Marjorie Pulumbarit, Jiwon Lee, Eunhua Nam and Seo Yun Kim.

THE country’s external debt service burden (DSB) dipped to $8.427 billion in the first eight months of the year, according to the Bangko Sentral ng Pilipinas (BSP).

Latest data from the BSP showed the DSB declined by 3.42 percent to $8.427 billion from January to August 2025 from $8.726 billion in the same period last year.

DSB is the total principal and interest payments the country has to pay after the debt has been rescheduled.

The bulk of the DSB during the eight-month period consisted of interest payments amounting to $5.215 billion. This marginally dropped by 0.43 percent year-on-year to $5.215 billion from $5.238 billion.

On the other hand, principal payments went down by 7.88 percent year-on-year to $3.212 billion from $3.487 billion.

From January to June 2025, the country’s debt service ratio, another indicator of capacity to service debt that compares the country’s loan payments with its income from exports and other inflows, improved to 2.9 percent from 3.2 percent a year earlier.

As a percentage of the country’s gross national income (GNI), this reached 2.5 percent, also slightly lower than the 2.9 percent in the same period in 2024.

In terms of other ratios, that of DSB to export shipments dropped to 19.8 percent in the eight-month period from 23.1 percent a year ago.

DSB ratio to exports of goods, and receipts from services and primary income stood at 8.1 percent in January to August 2025, lower than the 8.9 percent last year.

Despite the lower debt servicing, the country’s external debt rose by 14.35 percent year-on-year to $148.873 billion as of end-June, up from $130.182 billion.

The bulk of the external debt was accounted for by the public sector.

Public external debt jumped by 18.76 percent to $94.801 billion as of end-June 2025 from $79.825 billion in the same period a year ago.

Private external debt, meanwhile, grew 7.37 percent year-on-year to $54.072 billion from $50.357 billion.

BSP’s DSB data consists of principal and interest payments on fixed medium- and long-term (MLT) credits, including International Monetary Fund (IMF) credits, loans covered by the Paris Club.

It also includes interest payments on fixed and revolving short-term (ST) liabilities of banks and non-banks, but excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and non-banks.

The Zamboanga and Davao police regional commands have new regional directors, including a returning general for Davao.

The Police Regional Office (PRO) 9 formally welcomed Brigadier General Edwin A. Quilates as its 40th director in the turnover of command on Friday, replacing Brig. Gen. Eleazar P Matta.

The turnover at Camp Col. Romeo A. Abendan, Mercedes in Zamboanga City was presided over by Camp Crame’s Deputy Chief PNP for Operations, Lieutenant General Edgar Alan O. Okubo.

Quilates was former chief of the Drug Enforcement Group who vowed to intensify efforts against illegal drugs, terrorism, loose firearms, and smuggling.

Matta expressed full confidence in Quilates to guide the region forward as he urged PRO 9 personnel to remain united, disciplined, and committed to public service.

Matta is now assigned to the Directorate for Information and Communication Technology Management.

Also on Friday last week, Brig. Gen. Leon Victor Rosete was back in Davao City as Acting Regional Director of the Police Regional Office (PRO) XI, assuming the office from Brig. Gen Joseph Arguelles, who also previously replaced Rosete in June this year.

Rosete was installed regional director in September last year when he replaced Brig. Gen Nicolas Torre III.

BOND traders are bracing for a deluge of data that will solidify expectations for how quickly the Federal Reserve will continue the interest-rate cuts that have driven US Treasuries to the biggest gains since 2020.

The end of the government shutdown means that agencies will start releasing key reports that were held back since the start of October, including the September employment report on Thursday.

The lack of government data during the closure made it difficult to gauge the direction of the economy. Data from private data sources, like the payroll company ADP, however, continued to underscore the weakening in the job market that drove the Fed to lower its benchmark rate at the September and October meetings, ending what had been a nine-month pause.

But there’s a risk that the government’s figures may surprise to the upside by showing that businesses have been adding jobs at a stronger-than-expected pace. There’s also a chance that the data may be incomplete-or distorted-by the shutdown.

With policymakers still mindful of elevated inflation, that could cause them to hold rates steady at the Dec. 10 meeting or push back on the market’s expectations for 2026.

‘As the economic data starts to trickle in, it is possible that the labor market shows more stability,’ said Priya Misra, a portfolio manager at JPMorgan Investment Management. ‘Then the market might further take down odds of a December cut and volatility may rise.’

She said they see a buying opportunity in a rise in 10-year yields to 4.25 percent. Yields were two basis points lower at 4.13 percent at 3:44 a.m. in New York.

Treasuries rallied strongly this year as a slowdown in employment and President Donald Trump’s trade war sowed uncertainty in an economy that in recent years consistently surprised forecasters with its strength. After traders ratcheted up rate-cut bets and yields slid, Treasuries delivered a roughly 6 percent return this year.

But Fed Chair Jerome Powell has indicated the central bank’s recent moves were largely protective measures to ensure that its restrictive policy doesn’t stall growth, rather than an effort to jumpstart the economy.

Last week, futures traders pushed the odds of a quarter-point rate cut in December below 50 percent as some Fed officials indicated that such a move is far from a sure thing. That near-term uncertainty has driven up a gauge of expected bond-market volatility, which had been hovering around a four-year low.

‘There is some growing concern, although not a huge issue yet, that the Fed won’t cut rates in December based on the timeliness and quality of the economic data,’ said Jack McIntyre, portfolio manager at Brandywine Global Investment Management. He said that, coupled with the pullback in yields, ‘keeps us biased toward a neutral exposure in US Treasuries.’

The exact timing of some of the delayed releases, as well as the November jobs report that would usually come during the first week of next month, has yet to be clarified. The Labor Department said last week that it may take some time to finalize the release dates.

Money managers are mindful of positive economic shifts that could push up yields, including a Supreme Court ruling striking down Trump’s tariffs.

Yet they broadly expect the Fed to continue to keep a bias toward easing policy even if it pause next month, which would likely prevent yields from rising too far off of recent levels. And market sentiment has been relatively bullish toward Treasuries as data points to cooling growth.

Some recent trades in Treasury options targeted a slide in 10-year yields below 4 percent. JPMorgan Chase and Co.’s Treasury client survey for the week ending November 10 showed the largest net longs since April 7. Investor demand for last week’s new 10- and 30-year bonds was also in line with recent averages.

‘It would take a reemergence of strong growth and labor data to push two- and 10-year yields out of recent ranges,’ said George Catrambone, head of fixed income at DWS Americas. ‘There isn’t an obvious reason to expect a strong rebound in the labor market.’