WASHINGTON (dpa-AFX) - Treasuries recovered from an early move to the downside and moved modestly higher over the course of the trading session on Thursday.
Bond prices climbed well off their early lows and into positive territory as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.8 basis points to 4.088 percent.
The upward move by treasuries came as the U.S. government shutdown entered its second day with no signs of an imminent resolution.
The Senate adjourned without holding votes today in recognition of the Yom Kippur holiday and will reconvene on Friday to vote again on Republican and Democratic funding bills that have previously failed.
President Donald Trump sought to frame the shutdown in a positive light in a post on Truth Social this morning, claiming it gives him an 'unprecedented opportunity' to slash federal agencies favored by Democrats.
'I have a meeting today with Russ Vought, he of PROJECT 2025 Fame, to determine which of the many Democrat Agencies, most of which are a political SCAM, he recommends to be cut, and whether or not those cuts will be temporary or permanent,' Trump said.
Due to the shutdown, the releases of reports on weekly jobless claims and factory orders that were scheduled for this morning have been indefinitely postponed.
The release of the Labor Department's closely watched monthly jobs report on Friday will also be delayed due to the government shutdown, but the Institute for Supply Management is still due to release its report on service sector activity.
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