The yield on the 10-year US Treasury note was at 4.1% mark on Wednesday, remaining in a narrow range for the third session as markets awaited further catalysts on the lack of economic data from the US. The US government remained shut down as Congress held its impasse, preventing the release of major economic data used by markets and the Federal Reserve to gauge the economy. Consequently, the MOVE index held at near four-year lows even though minutes from the FOMC’s last meeting indicated the Fed should continue cutting rates this year to counter the labor market’s increasing fragility, recently evidenced by back-to-back contractions in ADP private payrolls. Still, a portion of the committee expressed caution on easing policy as inflation remains elevated. Concerns of sustained inflation and a weaker greenback drove foreign markets to pivot out of dollar assets into precious metals, aligned with the weaker auction for the 10-year note that sparked yields to trade at session highs.