GOOD MORNING! Treasury yields fell to their lows midweek on weak labor market-related news from ADP and the NFIB’s Small Business Optimism Index falling to a 6 month low. Yields began to rise in the latter part of the week on the government record-length shutdown ending and comments from a number of Fed speakers that offered little clarity on the Fed’s next move with some speakers appeared to favor a pause given the data drought. The odds of a December rate were notably trimmed during the week. The data will eventually be released but in piecemeal fashion with some being made public possibly this week. Stocks rallied early in the week but the rally faltered on concerns that AI stock valuations were stretched too far.

     There will be a deluge of economic reports as the government starts to release some. They might not be so timely. Thursday employment and retail sales reports are for September and today’s construction spending covers August. Stock index futures are leaning marginally positive in early trading while Treasury yields are lower from Friday’s close on the anticipation that balance of reports will show a weakening labor market and cooling economic activity because of the shutdown.