The yield on the US 10-year Treasury note climbed to around 4.03% on Monday, reaching its highest level in over a week as investors braced a closely watched meeting between President Donald Trump and Chinese President Xi Jinping and a key Federal Reserve policy decision this week. Markets are hopeful for a trade breakthrough at Thursday’s Trump-Xi meeting after productive weekend discussions between US and Chinese negotiators, who reportedly resolved several contentious issues including export controls, fentanyl, and shipping levies. Meanwhile, traders have nearly fully priced in a quarter-point rate cut following softer-than-expected inflation data on Friday, though the ongoing government shutdown continues to weigh on sentiment.
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