Treasury yields rise as Democrats push forward on stimulus

The 10-year U.S. Treasury yield held above the 1.1% mark early on Wednesday, as Democrats pushed forward with trying to pass President Joe Biden’s $1.9 trillion stimulus plan.

The yield on the benchmark 10-year Treasury note climbed to 1.131%, while the yield on the 30-year Treasury bond rose to 1.918%. Yields move inversely to prices.

U.S. government bond yields advanced on Wednesday, after Democrats took their first votes in Congress on Tuesday night, to pass the proposed stimulus package without Republican support.

The Senate voted in a 50-49 party line vote to advance a budget resolution, with Democrats holding a narrow majority in the upper house. The House also voted in favor of going forward with the budget measure in a 216-210 vote.

The rise in yields also came as the private payrolls data from ADP showed a 174,000 increase in jobs in January, beating expectations.

The U.S. Energy Information Administration said Wednesday that oil stockpiles for the prior week fell by one million barrels.

Wednesday features speeches from several heavy hitters at the Federal Reserve, including St. Louis Fed president James Bullard and Philadelphia Fed president Patrick Harker.

Auctions were held held Wednesday for $25 billion of 105-day bills and $30 billion of 154-day bills.

CNBC’s Jacob Pramuk contributed to this report.

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