On Thursday U.S. Treasury yields were flat, the last trading day of this year, as investors assessed the status of a fresh coronavirus stimulus package. The yield on the benchmark 10-year Treasury note was at 0.9298% at roughly 2 a.m. ET, while the yield on the 30-year Treasury bond was also higher at 1.6710%. Yields move inversely to prices.
Despite the slight rise, the 10-year yield had topped 0.95% during the previous session. 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.