The yield on the US 10-year Treasury note was little changed around 4.1% on Monday, after rising nearly 5bps earlier in the session, as traders welcomed progress toward ending the government shutdown. In a procedural vote yesterday, the Senate advanced the first stage of a deal to reopen the government, securing the minimum 60 votes required. Eight Democratic senators broke with party leadership, dropping their key demand for a guaranteed extension of Obamacare subsidies. The agreement would fund the Departments of Agriculture, Veterans Affairs, and Congress, along with several other agencies, through January 30. However, it excludes a central Democratic priority, the extension of enhanced Affordable Care Act tax credits. The proposal must still be debated and passed by the Senate and approved by the House, where its passage remains uncertain. Meanwhile, traders are pricing in roughly a 67% chance of a 25bps reduction in the fed funds rate next month, unchanged from Friday.