The 10-year Treasury yield fell on on Friday morning, as President Joe Biden’s proposed $1.9 trillion stimulus package faces opposition in Congress just a week after he announced the plan.
The yield on the benchmark 10-year Treasury note fell slightly to 1.09% at 9:30 a.m.ET, while the yield on the 30-year Treasury bond dipped to 1.85%. Yields move inversely to prices.
Treasury yields slipped on Friday, after moderate Republican senators critiqued Biden’s plan, while another Democrat lawmaker said he would oppose another coronavirus relief check to Americans.
The worsening coronavirus epidemic in the U.S. also continued to weigh on investors’ minds. Biden, who was sworn in as the 46th president of the United States on Wednesday, warned on Thursday that the U.S. would likely top 500,000 Covid-19 deaths in February.
The U.S. labor market has continued to feel the effect of the coronavirus crisis, as seen in jobless claims data out Thursday. The number of unemployment insurance claims made last week totaled 900,000. However, this was below economist estimates of 925,000 and the previous week’s downwardly revised total of 926,000.
January purchasing managers’ index data from Markit is expected to be released at 9:45 a.m. ET on Friday.
Figures for existing home sales in December are due out at 10 a.m. ET.
A weekly update on distillate, gasoline, crude oil and Cushing crude oil inventories from the Energy Information Administration is expected at 11 a.m. ET.
No auctions are due to be held on Friday.
— CNBC’s Thomas Franck and Jacob Pramuk contributed to this report.
