Treasury yields move as investors await further stimulus

U.S. Treasury yields slumped on Monday morning, as investors waited for a coronavirus stimulus package to be approved in Congress.The yield on the benchmark 10-year Treasury note fell to 0.938% at 5:08 a.m. ET, while the yield on the 30-year Treasury bond dropped to 1.696%. Yields move inversely to prices.Treasury yields slid on Monday, as the wait continued in the U.S. for another round of pandemic relief funding to be signed off, with Congress having been in stalemate for months over a package.A bipartisan group of U.S. senators is set to put forward legislation on Monday for an additional stimulus package worth around $908 billion, the Financial Times reported.House Speaker Nancy Pelosi said on Friday that she saw “momentum” toward a coronavirus stimulus deal. Senate Minority Leader Chuck Schumer once again called for relief funding after data released Friday showed U.S. jobs growth had slowed in November, while President-elect Joe Biden also called for “urgent action” on a stimulus deal.U.S. non-farm payrolls data for November showed just 245,000 jobs were created last month, which was well below the 440,000 new payrolls that economists had predicted and the 610,000 jobs added in October.Cases of the coronavirus in the U.S. have continued to rise rapidly, with confirmed infections reaching 14,760,627, data compiled by Johns Hopkins University showed.Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.— CNBC’s Jacob Pramuk contributed to this article.

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