Oliver Faizallah, head of fixed income research at Raymond James, told The Guardian: "The result makes further significant fiscal expansion harder to deliver through Congress, potentially easing some of the pressure around government borrowing and Treasury issuance. That could be supportive for U.S. Treasuries, but it won't determine the direction of yields on its own. Growth, inflation and the Federal Reserve remain crucial. If the economy slows and inflation continues to ease, there is a stronger case for Treasury yields to move lower."