U.S. Treasury yields nudged higher on Wednesday as investors monitored the consequences of the government shutting down.
The U.S. government shut down at 12:01 a.m. on Wednesday after the Republican-controlled Senate led by President Donald Trump failed to reach an agreement on the temporary spending bill on Tuesday. Democrats have been aiming to include an extension of health care tax credit for millions of Americans within the spending bill, which Republicans disagreed on.
The lawmakers are now blaming each other for the shutdown with Trump criticizing the Democrats saying "I didn't see them bend even a little bit," in negotiations. The shutdown will see a delay in the release of economic data, including September's nonfarm payrolls, which would have been influential to the Federal Reserve's next meeting in late October. Investors will instead look to a reading on private sector job creation from payroll processing group ADP, which will offer key insights in the scenario of no job's data. "The lack of government data, especially the all-important BLS jobs report on Friday, does lend a concern as it was due to be released during a recent period in which the labor market showed signs of weakening and was a catalyst for the Federal Reserve to reduce interest rates just a couple weeks ago," Mark Luschini, chief investment strategist at Janney Montgomery Scott said. "In the meantime, investors will lean other data to corroborate evidence that the job market and the economy are stable."
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