The U.S. 10-year Treasury yield was down slightly in afternoon trading on Tuesday after hitting a 14-month high earlier in the session.
The yield on the benchmark 10-year Treasury note inched lower to 1.714% in afternoon trading. It hit 1.776% earlier in the session, the first time trading around that level in January 2020.
The yield on the 30-year Treasury bond fell more substantially to 2.374%. Yields move inversely to prices.
The move in yields comes a day ahead of President Joe Biden revealing details of his infrastructure plan. The recovery package is expected to include up to $3 trillion in spending across a swathe of sectors in an effort to bolster the U.S. economy.
HSBC strategists said in a note published Monday that “stimulus and any infrastructure plan are likely to prove to be a sugar rush for the economy given the secular headwinds.”
On the data front, January’s S&P/Case-Shiller home price index showed that real estate prices continue to climb. The Conference Board’s consumer confidence index jumped to 109.7 in March, up from 90.4 in the previous month.
Reference: CNBC
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