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Treasury Yields Vary

Published November 14, 2025

Treasury Yields fluctuated toward the end of last week and into the start of this week as the market reacted to falling consumer sentiment data. Yields increased later this week as investors digested the economic impact of the end of the government shutdown.

On the Friday of last week, the University of Michigan’s consumer sentiment index was released. The index for November came in at 50.3, down from 53.6 in October. This is below analysts’ expectations of 53.0. The reading was also the lowest level since June 2022 when the index recorded 50.0, the lowest recorded reading since the survey began in the 1950s.

“With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy,” said Director of University of Michigan’s Surveys of Consumers, Joanne Hsu. “This month’s decline in sentiment was widespread throughout the population, seen across age, income, and political affiliation.”

The benchmark 10-year Treasury note yield opened the week of November 10 at 4.10% and traded as high as 4.13% on Thursday. The 30-year Treasury bond opened the week at 4.71% and traded as high as 4.71% on Thursday.

On Wednesday, President Donald Trump signed legislation to fund the U.S. government through the end of January. The legislation did not include an extension of Affordable Care Act tax credits that are scheduled to expire at the end of December but did include guaranteed backpay for all federal workers, a reversal of layoff notices sent to employees during the shutdown and a temporary bar on any additional layoffs.

“The shutdown of the federal government has delayed nearly all federal economic data releases for September and October,” wrote economists at Goldman Sachs, Elsie Peng and Ronnie Walker. “While the shutdown appears to be nearing its end, it will take time for the statistical agencies to work through the backlog of releases.”

The 10-year Treasury note yield finished the week of 11/10 at 4.15%, while the 30-year Treasury note yield finished the week at 4.75%.