HMM: 10-year Treasury yield falls after surprise decline in private payrolls, government shutdown.

Treasury yields fell Wednesday after new data showed a surprise decline in private payrolls, while traders monitored the consequences of the government shutdown after lawmakers failed to reach an agreement on the federal funding bill.

Separately, the Supreme Court ruled Wednesday that Federal Reserve Governor Lisa Cook can keep her job as a voting member of the policy-setting Federal Open Market Committee pending January’s oral arguments to decide if the president has the legal authority to remove her from office.

Numbers out Wednesday continued to show a softening jobs market. Private payrolls declined by 32,000 in September, according to ADP. Economists polled by Dow Jones expected an increase of 45,000. August payrolls were also revised to show a loss of 3,000, reversing initial data that showed a 54,000 increase.

So we recently learned that a million jobs created in Biden’s last year were imaginary, and now this — and the best the Fed can do is a measly quarter point cut?