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Yields Drift Lower As Stocks Post First Weekly Decline

After opening the week higher, yields drifted lower into Friday as equity markets were weak and the three-week agreement to keep the federal government open moved into its final week.  U.S. stocks posted their first weekly decline this year as estimates of international economic conditions were lowered while little progress has been observed in either the US-China trade talks or the negotiations intended to keep the government open past next week. 

The economic calendar was mixed as November's factory and durable goods orders were lower than expected.  These releases were overdue owing to the government shutdown, and were largely overlooked as December's data will be released in less than three weeks.  Weekly initial jobless claims filings fell from last week's shutdown-linked spike as labor markets remain healthy.

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