Treasury yields increased on Wednesday, the second last trading day of 2020, with investors assessing the status of a new coronavirus stimulus package.
The yield on the 10-year reference Treasury note gained 2 basis points to 0.9514%, while the yield on the 30-year Treasury bills was also above 1.6932%. Yields move inversely to prices.
Senate Republican majority leader Mitch McConnell blocked an attempt on Tuesday to unanimously pass a bill to increase direct payments for the coronavirus relief package later in the year to $ 2,000.
McConnell faces pressure to act after the House – with almost all Democrats and a few dozen Republicans on board – voted on Monday to increase cash deposits from $ 600 to $ 2,000.
Senate Republicans, cautious about spending more on pandemic aid, are looking for a way to meet the demands of a president who rated the end-of-the-year coronavirus relief and funding bill and kept its majority during the shady disputes by the crisis.
Regarding the data, the economic indicators advanced for November are scheduled to be released around 8:30 am ET. The Chicago Purchasing Managers’ Index (PMI) data for December and pending home sales for November will both be released a little later in the session.
The US Treasury will auction $ 25 billion in 105-day notes and $ 30 billion in 154-day notes on Wednesday.
– Jacob Pramuk of CNBC contributed to this report.