US 10-Year Yield Steadies as Fed Concerns Ease
The yield on the 10-year Treasury note stabilized near 4.1% on Thursday, following the announcement by the U.S. Supreme Court to hold a hearing in January regarding President Donald Trump's attempt to remove Federal Reserve Governor, Lisa Cook. This development helped to alleviate some of the uncertainty surrounding the central bank's stability. Concerns over the Federal Reserve's independence had grown after Trump accused Cook of mortgage fraud and advocated for aggressive interest rate cuts. This week, yields were also pressured by the government's first shutdown in nearly seven years, due to the inability of lawmakers to agree on temporary funding. The standoff, projected to last at least three days, will postpone the release of crucial data, including the September nonfarm payrolls report. In a separate announcement, ADP revealed an unexpected loss of 32,000 private-sector jobs in September, contrary to predictions of a 50,000 job increase. The discrepancy was partly attributed to data adjustments related to the Quarterly Census of Employment and Wages.
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