The yield on the US 10-year Treasury note fell toward 4% on Wednesday, nearing April lows after Fed Chair Powell’s comments on labor market weakness strengthened expectations for more rate cuts. The ongoing US government shutdown, which has delayed key data releases, further clouded the outlook and fueled demand for safe-haven assets. Markets are now almost fully pricing in a quarter-point cut this month, with another expected in December and three more next year. Bond yields were also pressured by rising geopolitical risks and renewed US-China tensions after President Trump threatened Beijing with a cooking oil embargo in response to China’s soybean boycott, pushing investors toward Treasuries.
