Treasury yields move higher after delay to Senate vote on u.s. $2,000 stimulus checks

On Wednesday U.S. government debt prices were lower after a top U.S. Republican lawmaker moved to postpone a Senate vote on increased pandemic relief checks.

The yield on the benchmark 10-year Treasury note was higher at 0.9514%, while the yield on the 30-year Treasury bond was also higher at 1.6932%. Yields move inversely to prices.

Republican Senate Majority Leader Mitch McConnell on Tuesday blocked an attempt to unanimously pass a bill to increase direct payments in the year-end coronavirus relief package to $2,000.

McConnell faces pressure to act after the House — with nearly all Democrats and a few dozen Republicans on board — voted Monday to increase the cash deposits to $2,000 from $600.

Senate Republicans wary of spending more on pandemic aid are looking for a way to both meet the demands of a president who called the year-end coronavirus relief and funding bill a disgrace and hold on to their majority during races overshadowed by the crisis.

On the data front, advance economic indicators for November are scheduled to be released at around 8:30 a.m. ET. Chicago Purchasing Managers’ Index (PMI) data for December and pending home sales for November will both be released slightly later in the session.

Treasury yields move higher after delay to Senate vote on u.s. $2,000 stimulus checks via @MasterMindUpdate
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