The yield on the 10-year US Treasury note held at 4.1% on Friday, declining 7bps this week amid growth concerns and evidence of a softening labor market. US policymakers remained in an impasse to extend the ongoing government shutdown, erasing public economic activity and risking job cuts. The shutdown also delayed the release of the September BLS jobs report, and forcing markets to scrutinize a series of pessimistic private economic reports. Services activity in the US unexpectedly stalled per the ISM PMI. The survey also showed that the labor gauge contracted further, aligned with back-to-back drops in the ADP payrolls survey, a decline in voluntary quits by the JOLTS, and slower hiring per the Challenger report. The data consolidated the view of a significant slowdown in the US labor market, which drove the FOMC to restart its cutting cycle last month. Rate futures show that markets priced two more rate cuts this year by the Fed, despite evidence of stubborn inflation.