The U.S. carries a significant amount of debt, and to finance it, the government issues Treasuries, which the bond market must absorb. This process can put upward pressure on interest rates.

However, since the Treasury is not increasing auction sizes, longer-term bonds—such as the 10-year Treasury—have rallied, leading to lower interest rates.

Despite a strong ADP Employment Report, the bond market remained steady.

Rates are beginning to decline again—though not yet at September levels, there’s always hope for further improvement.

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