On Monday U.S. Treasury yields dipped, 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. 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.