The 10-year-old U.S. man died Monday morning after the Senate passed a $ 1.9 trillion coronavirus economic relief and stimulus bill on Saturday. Treasury yield reached 1.6%.
Yield on the benchmark 10-year Treasury note reached 1.606% at 3.30am. Yields on 30-year Treasury bonds rose 2.311%. Yields continue to rise in price.
The senators passed the stimulus bill through a budget compromise, a process that requires every Democratic vote, not Republican support.
The Democratic-run House aims to pass the bill on Tuesday, and to send President B Biden to sign it before the March 14 deadline for renewal of unemployment assistance programs.
Treasury yields are currently rising sharply amid expectations of an economic recovery from the epidemic and additional concerns about inflation.
Ambrose Croft, global market strategist at JPMorgan Asset Management, noted in a comment on Friday that the recent rise in yields has caused “some indigestion in equity markets”.
However, Crofton said investors should take comfort from last week’s remarks by Federal Reserve Chairman Jerome Powell, which showed that “markets should be disrupted, action should be taken to maintain favorable financial conditions and keep the economy on full employment path.”
Powell told a Wall Street Journal conference last week that he was “very kind” about the lessons of fugitive inflation in the 1960s and ’70s, but believes the current situation is different.
The-54 billion for 13-week bills and 51 51 billion for 26-week bills will be auctioned on Monday.
– Jacob Pramuk of CNBC contributed to this report.
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