The 10-Year Treasury Note yield continued to climb lower, closing below 4% for the first time since April and only the second time since October 2024, finishing the session down 6 basis points at 3.97%. This price action, along with the 2-Year Note hitting a three-year low, reflects that yields are lower across the board. The movement is driven by rising economic, political and funding risks that are impacting the market, coupled with limited economic data due to the government shutdown. Market volatility, as measured by the CVOL Index, spiked higher today, reaching its highest level in over a month. Looking ahead, the economic calendar is quiet, and the Fed speaker blackout period begins on Saturday ahead of the October FOMC meeting.