Sep 25, 2023 2 min read

Strikes and Shutdowns and Bond Yields, Oh My!

The stock market held up surprisingly well today under the circumstances: The UAW strike is shutting down more auto production. The federal government is heading toward a shutdown on October 1. Moody’s Investors Service warned in a note today that a US government shutdown would be a “credit negative” event for the country. The 10-year Treasury yield surged by more than 10bps to 4.55%, the highest since 2007 (chart). The TIPS yield rose to 2.18%.

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