Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on Aug. 24, 2026 in New York City.
Angela Weiss | AFP | Getty Images
Treasury yields moved lower on Wednesday as investors weighed big wins from Democrats in the U.S. midterm elections.
The benchmark 10-year Treasury note yield fell 3 basis points to 4.917%. The 30-year bond yield slid 4 basis points to 5.289%, and the shorter-term 2-year note yield declined marginally to 4.606%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Democrats obtained majorities in both the House and Senate. The party is projected to win at least 250 House seats and at least 54 in the Senate. Democrats flipped Senate seats from Republicans in Iowa, Kansas, North Carolina, Ohio, South Carolina, Maine and Texas. They also won key gubernatorial races in Ohio and Texas.
The resounding victory by Democrats could rein in government spending from the Trump administration, as it makes it harder for the White House to push legislation through Congress.
Traders at JPMorgan said one of the issues Wall Street is focusing on after the midterms is “reduced deficit spending.”
“This can be achieved by asserting power over the budget and likely wading through a government shutdown,” they said.