U.S. Treasury yields plummeted Monday morning as traders watched President Joe Biden’s efforts to push his proposed $ 1.9 trillion economic stimulus program.
The yield on the Treasury bill for 10 years dropped to 1.080% around 8:45 a.m., while the yield on the 30-year Treasury bond fell to 1.830%. Yields are reversed to prices.
Treasury yields have plummeted as the package of spending to alleviate the Corne virus faces opposition from many of the Republicans in Congress.
Fiscal assistance includes direct inspections for millions of Americans, assistance to governments and local governments, funding for vaccines and tests, pushing for the minimum wage and increasing unemployment benefits, among other things.
December data from the Chicago Pad National Activity Index, which tracks economic activity and accompanying inflationary pressures, is set to be released at 8:30 a.m. Monday.
January data from the Dallas Pad Production Index is set to come out by then at 10:30 p.m.
Auctions will take place on Monday for $ 54 billion in 13-week bills, $ 51 billion in 26-week bills and $ 60 billion in two-year bills.
– CNBC’s Pippa Stevens contributed to this report.