The yield on the 10-year US Treasury note fell to 4.05% on Monday, its lowest in nearly one month, as dovish remarks from key FOMC officials supported expectations that the Federal Reserve may deliver a 25bps rate cut next month. FOMC Governor Waller, who is among the favorites to be named Fed Chairman next year, reiterated his support from a rate cut in December amid concerns over a softening labor market. The comments echoed a similar signal by New York Fed President Williams last week. The US central bank is set to decide on rates with little data available for recent months due to the government shutdown, with delayed reports on inflation and jobs from any period after September only to be released after the Fed's decision. The latest available surveys reflected worsening labor conditions, with outstanding jobless claims rising to their highest in four years. Still, PMIs point to a pickup in inflation, supporting the case for hawks in the FOMC.