Treasury yields held steady on Wednesday as investors awaited the latest data on the labor market.
The yield on the benchmark 10-year Treasury note climbed to 0.921%, while the yield on the 30-year Treasury bond was slightly higher at 1.655%. Bond yields move inversely to prices.
Investors will get another look at the labor market when initial jobless claims from last week are released at 8:30 ET. Economists polled by Dow Jones are expecting 888,000 initial claims, which is roughly flat with the previous week’s reading.
President Donald Trump on Tuesday suggested he may not sign a long-delayed coronavirus relief package. He poured cold water on the $900 billion Covid relief bill passed by Congress earlier this week. He called the measure an unsuitable “disgrace” and urged lawmakers to make a number of changes, including larger direct payments to individuals and families.
The current package includes a boost to jobless benefits, more small business loans, another $600 direct payment and funds to streamline critical distribution of Covid-19 vaccines. However, Trump was unhappy with the $600 direct payments, calling for them to be increased to $2,000.
Investors have also been unnerved this week by a new coronavirus strain first identified by the U.K. The variant is thought to be up to 70% more transmissible than previous strains.
Source: Finance - cnbc.com
