Source: US Dept. of Treasury End of Day
• Rates increased last week with the 2-year Treasury note yield rising by eleven basis points to 3.60% while the 5-year note increased by ten basis points to 3.71%.
• The Federal Reserve lowered the fed funds rate by 25 basis points to a median 3.875%, however, Chairman Powell delivered hawkish remarks indicating that a rate cut at their next meeting is uncertain which pushed yields higher.
• The Federal Government shutdown is approaching the longest on record leaving the Fed more vulnerable to making a policy error as they will be without another month of key economic data.
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