The yield on the US 10-year Treasury note fell past 4.04% on Tuesday, approaching April-lows after Fed Chair Powell’s remarks highlighting a weakening labor market, which reinforced expectations for an imminent rate cut and eased discount-rate pressures on bonds. Investors also weighed ongoing US–China trade frictions, including China’s sanctions on US-linked units of South Korea’s Hanwha Ocean and the prospect of a meeting between President Trump and Xi Jinping, which could provide an off-ramp to escalating tensions. Meanwhile, the ongoing federal government shutdown has limited the release of key economic data, reducing immediate visibility on domestic growth and keeping yields subdued as markets reassess the near-term policy outlook.