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2025-11-03 22:27:41
U.S. Treasury yields rose as the U.S. government shutdown, poised to become the longest in history, deprived Wall Street of crucial government economic data. Economists expect the October manufacturing purchasing managers' index (PMI), due at 10:00 AM ET, to rise slightly to 49.3 from 49.1, but remain in contraction territory. Futures markets now reflect a 67% probability of a December rate cut, down from 94% a week ago, after Federal Reserve Chairman Powell attempted to cool expectations of a third consecutive rate cut. Wednesday's ADP report is expected to show 25,000 new jobs added in October, compared to a 32,000 loss in September. The 10-year U.S. Treasury yield was at 4.109%, and the 2-year U.S. Treasury yield was at 3.603%.
