U.S. Treasury yields slumped on Thursday morning, as Congress continued to negotiate over a coronavirus stimulus package, with the House of Representatives passing a one-week extension to relief funding.
The yield on the benchmark 10-year Treasury note fell to 0.92%, while the yield on the 30-year Treasury bond dipped to 1.67%. Yields move inversely to prices.
Treasury yields sunk on Thursday, despite the U.S. House approving an extension on Wednesday, giving Congress a further week to agree upon the terms for another stimulus package.
Senate Majority Leader Mitch McConnell told Politico on Wednesday that Republicans and Democrats were “still looking for a way forward” on a pandemic relief funding package.
The number of confirmed daily deaths from the coronavirus in the U.S. topped 3,000 for the first time on Wednesday, according to data compiled by Johns Hopkins University.
On the data front, first-time claims for unemployment insurance totaled 853,000 last week, higher than an estimate of 730,000, according to economists surveyed by Dow Jones.
Auctions will be held Thursday for $30 billion of 4-week bills, $35 billion of 8-week bills and $24 billion of 29-year 11-month.
— CNBC’s Pippa Stevens contributed to this article.
