U.S. Treasury Department yields slumped Monday morning as investors waited for a coronavirus stimulus package to be approved in Congress.
The benchmark 10-year Treasury note yield fell to 0.938% at 5:08 a.m. ET, while the yield on the 30-year Treasury note fell to 1.696%. The returns move inversely to the prices.
Treasury bond yields fell Monday as the US continued to wait for another round of pandemic aid to be funded as Congress had been in a stalemate for months over a package.
A non-partisan group of US senators will propose an additional stimulus package worth around $ 908 billion on Monday, the Financial Times reported.
House spokeswoman Nancy Pelosi said Friday that she had seen “momentum” towards a coronavirus stimulus deal. Senate minority chairman Chuck Schumer again called for aid after data released Friday showed US employment growth slowed in November while President-elect Joe Biden also called for “urgent action” for a stimulus agreement.
U.S. non-farm payroll data for November showed only 245,000 jobs were created last month, well below the 440,000 new payrolls forecast by economists and 610,000 jobs added in October.
Coronavirus cases in the United States have continued to rise rapidly. The confirmed infections reached 14,760,627, data from Johns Hopkins University showed.
Auctions will be held on Monday for 13-week bills valued at $ 54 billion and 26-week bills valued at $ 51 billion.
– CNBC’s Jacob Pramuk contributed to this article.