Treasury yields move following Biden’s stimulus pledge

The 10-year U.S. Treasury yield remained higher than the 1.1% mark on Monday morning, after President-elect Joe Biden on Friday promised further economic stimulus that would be “in the trillions of dollars.”The yield on the benchmark 10-year Treasury note rose to 1.11% at 3:45 a.m. ET, while the yield on the 30-year Treasury bond climbed to 1.866%. Yields move inversely to prices.Treasury yields barely moved on Monday, as traders awaited more details about Biden’s stimulus plan, which will follow in a formal announcement on Thursday, six days before he is slated to take office.The need for further stimulus was highlighted by U.S. December jobs data which came out Friday. It showed that nonfarm payrolls fell by 140,000 last month, against an expected rise of 50,000.Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, is due to make a speech at 12 p.m. ET on Monday.Auctions will be held Monday for $54 billion of 13-week bills, $51 billion of 26-week bills and $58 billion of 3-year notes.— CNBC’s Yun Li contributed to this report.

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