The U.S. 10-year Treasury yield moved slightly higher early Monday as traders continued to digest March’s bumper jobs report.
The yield on the benchmark 10-year Treasury note ticked up to 1.727% in morning trade. The yield on the 30-year Treasury bond also rose to 2.382%, while many of the shorter-dated Treasury yields slipped. Yields move inversely to prices.
It comes after nonfarm payrolls for last month rose by 916,000. This was more than analysts expected and marked the fastest growth since August 2020. The unemployment rate declined to 6%.
Also last week, President Joe Biden unveiled the infrastructure and economic recovery package, which includes spending on transportation, broadband and affordable housing. The plan will be funded in part by a rise in the corporate tax rate to 28%.
It faces some opposition from Republicans, however, with Sen. Roy Blunt of Missouri on Sunday urging the Biden administration to pare back the package. He called for a shift in focus to infrastructure such as roads and airports.
Meanwhile, the coronavirus vaccine rollout continues to accelerate. The U.S. reported another daily record of new Covid vaccinations Saturday, pushing the weekly average of new shots per day above 3 million.
Data due Monday include the final reading of Markit Composite PMIs for March, factory orders and non-manufacturing data from the Institute for Supply Management.
There are no major Treasury auctions slated for Monday.
— CNBC’s Jeff Cox and Yun Li contributed to this report.
