JPMorgan: debt ceiling impasse supports lower 10-year Treasury yields. JPMorgan strategists Jay Barry and Srini Ramaswamy said the standoff over the U.S. debt ceiling "is most similar to what happened in 2011 or 2013, when the debt ceiling debate was not resolved until a few days before a technical default," suggesting that 10-year Treasuries could pick up again. Throughout previous debt ceiling debates, they wrote in a report to clients, "on average, in these cases, 10-year Treasury yields fell by an average of about 30 basis points in the months before the new debt ceiling legislation was passed." JPMorgan expects the US Treasury to run out of resources by June 9 to avoid a technical default. "Treasury yields are likely to fall as the debate heats up in the coming weeks."