US 10-Year Yield Holds Decline
The yield on the US 10-year Treasury note remained steady at approximately 4.13% on Wednesday, following a decline of around 4 basis points the previous day. This stability comes amidst escalating concerns regarding the economic repercussions of the ongoing US government shutdown, as well as global uncertainties, which have increased the demand for safe-haven assets. As the shutdown enters its second week without any resolution on the horizon, it obscures the economic outlook, delays key data releases, and exerts pressure on lawmakers to reach a consensus. In terms of monetary policy, the Federal Reserve is anticipated to implement another quarter-point interest rate cut this month, with a potential additional reduction projected for December. The markets are now focused on the forthcoming FOMC minutes and commentary from several Federal Reserve officials, including Chair Jerome Powell, to gain fresh insights into the interest rate trajectory.
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