Treasury yields rise after UK PM May’s Brexit vote defeat

U.S. government debt prices were lower on Wednesday as traders digested news of the defeat of U.K. Prime Minister Theresa May’s Brexit deal.

The yield on the benchmark 10-year Treasury note rose to 2.729 percent, while the yield on the 30-year Treasury bond increased to 3.091 percent. Bond yields move inversely to prices.

May suffered a huge defeat in Parliament on Tuesday, which saw her Brexit deal voted down by 230 votes, which has been reported to be the highest margin of defeat for any sitting government in U.K. political history.

The prime minister told Parliament’s lower chamber that her Conservative government “will listen” to lawmakers’ concerns over the deal following the vote. The government will make a statement in the Parliament on Jan. 21, where she is expected to present a “plan B” for the divorce agreement.

Jeremy Corbyn, the leader of the opposition Labour Party, tabled a motion of no-confidence in the government, which will be debated and voted on Wednesday. Sterling gained 0.1 percent against the dollar during morning trade, last changing hands at $1.2871.

In political news stateside, the partial U.S. government shutdown — the longest in history — has entered its 26th day. A political stalemate between the Democrats and the Trump administration over funding for President Trump’s proposed border wall has shown no signs of abating.