U.S. Treasury yields were lower on Wednesday as investors welcomed progress on bringing an end to the government shutdown.
At 6:00 a.m. ET, the 10-year Treasury yield was down over 2 basis points to 4.085%, while the 2-year note yield fell over 3 basis points to 3.556%. The 30-year bond yield was down 1 basis point to 4.688%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
Investors are optimistic after the Senate passed a bill on Monday to fund the federal government through January and end the longest shutdown in U.S. history, which lasted over 40 days.
The bill, which passed 60-40, with support from nearly all Republicans and some Democratic senators, will be sent to the House of Representatives. If it passes the House, President Donald Trump still needs to sign it into law.
The shutdown has delayed the release of key economic data from the Consumer Price Index to the Producer Price Index and the nonfarm payroll reports. Investors are looking ahead to see when those delayed reports will be released.
“The shutdown of the federal government has delayed nearly all federal economic data releases for September and October,” Goldman Sachs economists Elsie Peng and Ronnie Walker said in a client note.
“While the shutdown appears to be nearing its end, it will take time for the statistical agencies to work through the backlog of releases,” they added.
