U.S. Treasury yields were flat on Tuesday, as traders digested comments from Treasury Secretary nominee Janet Yellen.
The yield on the benchmark 10-year Treasury note was flat at 1.092% at 1:35 p.m. ET, while the yield on the 30-year Treasury bond moved to 1.839%. Yields move inversely to prices.
Treasury yields remained mainly unchanged on Tuesday — the first day of trading this week — after markets were closed on Monday for Martin Luther King Jr. Day.
Former Federal Reserve Chair Yellen — President-elect Joe Biden’s pick for Treasury Secretary — is testifying to the Senate Finance Committee, which will debate whether she should be confirmed for the Cabinet role. If confirmed by the Senate, Yellen would be the first woman to lead the Treasury Department.
This follows Biden, who will be inaugurated Wednesday, sharing more details about his proposed $1.9 trillion coronavirus stimulus package last week.
Yellen told the Senate committee that the U.S. could afford a higher corporate tax rate if it coordinates with other economies around the globe.
November data for international capital flows and foreign bond investment is due out at 4 p.m. ET.
Auctions will be held Tuesday for $54 billion of 13-week bills, $51 billion of 26-week bills, $30 billion of 119-day bills and $30 billion of 42-day bills.
