U.S. Treasury yields rebounded on Thursday morning from losses in the previous session, ahead of President-elect Joe Biden announcing more details of his economic stimulus plan later in the day.
The yield on the benchmark 10-year Treasury note rose 1 basis point to 1.106%, while the yield on the 30-year Treasury bond advanced slightly to 1.836%. Yields move inversely to prices.
President-elect Joe Biden is expected on Thursday evening to unveil a stimulus plan that will include a boost to the recent $600 direct payments, an extension of increased unemployment insurance and support for state and local governments. The stimulus could be as big as $2 trillion, CNN reported.
Investors also awaited the latest jobless claims data. First-time filings for unemployment insurance likely held about steady last week as economic restrictions held back hiring. Economists surveyed by Dow Jones were looking for 800,000 new claims, up slightly from the 787,000 the week before.
Yields were higher despite continued political turmoil in the U.S., after House members on Wednesday voted to impeach incumbent President Donald Trump for a second time for inciting the riot on the U.S. Capitol last week.
Raphael Bostic, president of the Federal Reserve Bank of Philadelphia, is expected to make a speech at 11 a.m. ET.
Fed Chair Jerome Powell is expected to speak at 12:30 p.m. ET, followed by Dallas Fed President Robert Kaplan at 1 p.m. ET.