Government Shutdown Averted

After politicians cut a last-minute deal to keep the government open for two more months, Treasury yields climbed.

By Ruth Carson | October 02, 2023 at 08:43 AM

Photo: The U.S. Treasury building in Washington, D.C., on August 15, 2023. Photographer: Nathan Howard/Bloomberg.

Treasuries began the week on the back foot after a U.S. government shutdown was narrowly averted, eliminating a point of uncertainty for traders and returning their focus to the path ahead for interest rates.

Yields climbed across the curve in Asia trading Monday, with those on 10-year debt rising as much as 5 basis points (bps), to 4.62 percent. Five-year yields rose by a similar amount, to 4.66 percent, once more approaching a 16-year high.

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