Treasury yields fall as Republican senators call for scaled back stimulus

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U.S. Treasury yields dipped on Monday morning, after a group of Republican senators called for President Joe Biden to consider a scaled down version of his $1.9 trillion economic stimulus plan.

The yield on the benchmark 10-year Treasury note fell to 1.086% at 3:40 a.m. ET, while the yield on the 30-year Treasury bond slumped to 1.855%. Yields move inversely to prices.

Treasurys

U.S. government bonds yields ebbed lower at the start of the week, after 10 Republican senators sent a letter to Biden on Sunday asking him to consider a smaller, alternative Covid-19 relief spending plan.

January data from Markit’s manufacturing purchasing managers’ index is due out at 9:45 a.m. ET. ISM manufacturing data including new orders, prices, employment and PMI for last month is then expected at 10 a.m. ET.

An update on construction spending in December is also due out at 10 a.m. ET.

Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.

CNBC’s Amanda Macias contributed to this report.

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