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Treasury Yields Rise as Budget Deal Appears Close

Posted by Joseph Trevisani on Oct 15, 2013 1:18:00 PM

Yields on the benchmark 10-year Treasury note rose three basis points to 2.72 percent in early afternoon trading as Senate lawmakers in Washington appeared to be close to agreement on extending the Federal debt limit and  ending the 15-day partial government closure.

The House is expected to bring forth a plan of its own. The two plans would have to be reconciled and the final version signed by President Obama to avoid a potential default sometime between Thursday and the end of the month.

The House and Senate plans both fund the government through January. 15, 2014, and suspend the U.S. debt limit until February 7th. Republicans in the House have demanded  major changes in the 2010 health law, alterations the President and the Democrats have refused to consider. A vote in the lower chamber tonight will test whether House Republicans are willing to forgo changes in the law in order to increase the debt limit and end the shutdown.

 

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets Online Trading

Chart: Bloomberg

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