Market Synopsis for 10/20/25 - 10/24/25

General yields moved lower amid heightened risk-off sentiment, with the 10‑Year U.S. Treasury Note yield slipping to around 3.97 % by October 22—down from about 4.00 % earlier in the week. The decline was driven by concerns over banking sector strain (notably losses at Zions Bancorp and Western Alliance Bancorp), lingering trade tensions, and the ongoing U.S. government shutdown limiting fresh economic data. Municipal bonds saw strong demand despite heavier issuance. Looking ahead, market focus remains squarely on CPI releasing on Friday and the Fed rate decision next week with investors weighing the odds of further policy easing.