The yield on the US 10-year Treasury note fell to below 4.1% on Friday, reversing earlier gains from the week, as the federal government shutdown entered its tenth day, further delaying the release of key economic data. Markets now await the preliminary reading of the Michigan consumer sentiment index due later today. Meanwhile, traders continued to assess recent comments from Federal Reserve officials, including Governor Waller, who noted that private data suggest the labor market remains weak, supporting the case for additional rate cuts, though he emphasized that the Fed must remain “cautious”. His remarks align with the tone of the FOMC minutes released on Wednesday. Investors continue to price in a 25-basis-point rate cut later this month, with the odds for a similar move in December currently around 83%.