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Bond Market Commentary

Updates on bond market data, news, and activity each day.

October 21, 2025

Yields flat as shutdown continues

Over in bond land, Treasury yields are unchanged before the opening bell Tuesday as the U.S. government shutdown has now entered its 21st day. Investors are looking forward to today’s economic data from the Federal Reserve Bank (Fed) of Philadelphia. As of 6:56 AM ET, the yield on the 10-year note is unchanged at 3.98%, while the 30-year bond yield is also unchanged at 4.57%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is unchanged at 3.46%.

Treasury yields were mostly lower on Monday as concerns over trade tensions with China eased following comments from President Donald Trump. The yield on the 10-year note was down three basis points (0.03%) to 3.98%, while the 30-year bond yield fell four basis points (0.04%) to 4.57%. The yield on the two-year note was unchanged at 3.46%.

On the data front, the Philadelphia Fed will release their October Nonmanufacturing Business Outlook Survey.

In the auction space, the U.S. Treasury is set to issue $95 billion in six-week bills.

Municipal Market Commentary

None at this time.

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