WASHINGTON (dpa-AFX) - Following the Veterans Day holiday on Tuesday, treasuries showed a notable move to the upside during trading on Wednesday.
Bond prices advanced early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.5 basis points to 4.065 percent.
The strength among treasuries came even as the U.S. government finally appears to be on the verge of reopening following a record-long shutdown.
After the Senate voted Monday to approve a bill extending funding for most agencies until January 30th, the House is set to vote on the legislation later this evening.
Bond traders may feel that the economic data that was delayed due to the shutdown will convince the Federal Reserve to continue cutting interest rates next month.
However, White House press secretary Karoline Leavitt told reporters today that the October jobs and consumer price inflation reports are 'likely never being released' as a result of the shutdown.
CME Group's FedWatch Tool is currently indicating a 65.4 percent chance the Fed will lower rates by another quarter point at its December meeting.
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