Treasury yields move as stimulus talks remain in focus

U.S. Treasury yields rose slightly on Tuesday morning, as investors eyed coronavirus stimulus developments in Congress.The yield on the benchmark 10-year Treasury note advanced to 0.936% at 5:05 a.m. ET, while the yield on the 30-year Treasury bond rose to 1.694%. Yields move inversely to prices.Treasury yields inched higher on Tuesday, as Congress rushes to agree on pandemic relief spending before some of the funding expires on Saturday.Republican and Democratic leaders said on Monday that they are aiming to extend the government funding for another week, while lawmakers look to put together another coronavirus stimulus package.The U.S. recorded a record seven-day average of coronavirus cases of more than 196,200 infections, according to a CNBC analysis of Johns Hopkins University data on Monday. This means the seven-day average caseload is on track to top 200,000 this week, if that trend holds.The U.S. is also approaching a record-high level in the seven-day average number of deaths from Covid-19.The final third-quarter figures for unit labor costs and nonfarm productivity are due to be released at 10:30 a.m. ET on Tuesday, while weekly API crude oil stock change data is set to come out at 6:30 p.m. ET.Auctions will be held Tuesday for $30 billion of 119-day bills, $30 billion of 42-day bills and $56 billion of 3-year notes.— CNBC’s Jacob Pramuk and Will Feuer contributed to this article.

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