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Treasury yields continue to fall as a debt ceiling deal continues to advance on Capitol Hill.
With a default nearly off the cards, the yield on the 10-year (US10Y) dropped 13 basis points on Tuesday to end the session at 3.69%, and slipped another 3 bps overnight to 3.66%.
Legislation to lift the current $31.4T debt limit into 2025 and cap federal spending cleared the House Rules Committee last night by a 7-6 margin, sending it to the full House for debate and an expected vote on passage on Wednesday.
“We are going to make sure that the votes are there, joining with our Republican colleagues, to get this bill over the finish line,” House Minority Leader Hakeem Jeffries declared. “It will also avoid the country being in this hostage taking situation for the rest of this Congress.”
