U.S. Treasury yields rebounded on Thursday morning from losses in the previous session, ahead of President-elect Joe Biden announcing more details of his economic stimulus plan later in the day.
The yield on the benchmark 10-year Treasury note rose to 1.102% at 4:15 a.m. ET, while the yield on the 30-year Treasury bond advanced to 1.831%. Yields move inversely to prices.
Treasury yields climbed on Thursday, with Biden expected to give details later that day about his economic stimulus plan upon taking office, which he already said would be “in the trillions of dollars.”
Yields were higher despite continued political turmoil in the U.S., after House members on Wednesday voted to impeach incumbent President Donald Trump for a second time for inciting the riot on the U.S. Capitol last week.
On Wednesday, the auction of $24 billion of 30-year bonds saw strong demand, Reuters reported. It was the second day in a row of strong bidding on U.S. government bonds.
Auctions will be held on Thursday for $30 billion of 4-week bills and $35 billion of 8-week bills.
December U.S. export and import data is due out at 8:30 a.m. ET, along with jobless claims.
Raphael Bostic, president of the Federal Reserve Bank of Philadelphia, is expected to make a speech at 11 a.m. ET.
Fed Chair Jerome Powell is expected to speak at 12:30 p.m. ET, followed by Dallas Fed President Robert Kaplan at 1 p.m. ET.
