Authorities bond yields transfer after Biden’s inauguration

US Treasury bond yields rose slightly on Thursday after Joe Biden’s inauguration as US President.

The yield on the benchmark 10-year Treasury note rose to 1.099% just after 12:45 PM ET, while the yield on the 30-year Treasury note rose to 1.861%. The returns move inversely to the prices.

Thursday’s surge in government bond yields was due to US equities mixed after major averages hit record highs on the opening day.

Biden was sworn in as the 46th President of the United States on Wednesday. In his inaugural address, Biden declared that “democracy prevailed” and urged Americans to oppose efforts to divide and to commit to working for voters who did not support him.

Biden signed a number of executive orders on his first day in office and is expected to begin work immediately on his proposed $ 1.9 trillion stimulus package.

US construction start data in December, which measures the number of residential projects underway, was better than expected Thursday morning. Weekly unemployment claims were also lower than expected, although they were still higher compared to the prepandemic.

Auctions will be held Thursday for 4-week bills valued at $ 30 billion, 8-week bills valued at $ 35 billion, and 10-year bonds valued at $ 15 billion.

– CNBC’s Jacob Pramuk and Maggie Fitzgerald contributed to this report.

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