The yield on the 10-year US Treasury note slipped to around 4.16% on Monday, trimming last week’s gains as the risk of a government shutdown pressured sentiment and investors awaited key economic data. Parts of the government would close on Wednesday if Congress fails to approve a funding bill before the fiscal year ends on Tuesday, though President Donald Trump is set to meet congressional leaders later today to avert a shutdown. Traders also looked ahead to September’s nonfarm payrolls report for labor market signals, along with job openings, private payrolls and the ISM manufacturing PMI. Stronger US data last week reduced expectations for deeper Fed rate cuts, with markets now pricing in only about 40 basis points of easing by year-end.
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