Treasury yields move as stimulus stalemate drags on

U.S. Treasury yields slumped on Thursday morning, as traders awaited news on congressional negotiations over a coronavirus stimulus package.The yield on the benchmark 10-year Treasury note fell to 0.943% at 5:02 a.m. ET, while the yield on the 30-year Treasury bond dipped to 1.696%. Yields move inversely to prices.U.S. government bonds yields pulled back on Thursday, after reaching 0.95% in the previous session, as uncertainty remained as to whether another round of pandemic relief funding would be approved in Congress before the end of the year.House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer issued a joint statement on Wednesday, calling on Republicans to work with them on a stimulus package, using a $908 billion bipartisan proposal from Senate moderates as a starting point.However, Senate Majority Leader Mitch McConnell has already rejected the $908 billion proposal and has endorsed a spending plan of around $500 billion.The number of people in hospital in the U.S. sick with the coronavirus has topped 100,000, according to data compiled by the Covid Tracking Project, which is run by journalists at The Atlantic.Meanwhile, monthly private payroll data from ADP released Wednesday, showed that in November hiring in the U.S. grew at its slowest pace since July. Companies hired 307,000 people in November, far lower than the 475,000 forecasted by economists in Dow Jones survey.Weekly jobless claims data is expected to be released at 10:30 a.m. ET on Thursday. The final November data for the Markit purchasing managers’ index is due at 11:45 a.m. ET.November figures from the Institute of Supply Management’s non-manufacturing index, covering business activity, prices, new orders, employment and the purchasing managers’ index, are due at 12 p.m. ET.Auctions will be held on Thursday for $30 billion of 4-week bills and $35 billion of 8-week bills.— CNBC’s Jesse Pound contributed to this article.

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