Treasury yields move ahead of Yellen’s Senate speech

U.S. Treasury yields climbed on Tuesday morning, as traders watched for comments from Treasury Secretary nominee Janet Yellen, who is expected to speak in front of the Senate Finance Committee later in the day.The yield on the benchmark 10-year Treasury note rose to 1.11% at 3:40 a.m. ET, while the yield on the 30-year Treasury bond moved up to 1.857%. Yields move inversely to prices.Treasury yields advanced on Tuesday — the first day of trading this week — after markets were closed on Monday for Martin Luther King Jr. Day.During her confirmation hearing at 10 a.m. ET, former Federal Reserve Chair Yellen — President-elect Joe Biden’s pick for Treasury Secretary — is expected to tell the Senate Finance Committee that the country is headed for a major recession unless they “act big.” This is according to a copy of her prepared remarks obtained by NBC News.This follows Biden, who will be inaugurated Wednesday, sharing more details about his proposed $1.9 trillion coronavirus stimulus package last week.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.

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