U.S. yields rise on Biden's proposed budget
Biden to push $6 trillion U.S. budget for next fiscal year -NYT
President Joe Biden will seek $6 trillion in U.S. federal spending for the 2022 fiscal year, rising to $8.2 trillion by 2031, the New York Times reported on Thursday, a day before the White House is expected to unveil its budget proposal.
Citing documents it had obtained, the Times said the Democratic president planned to pay for his agenda through increased taxes on corporations and high earners, and that the budget deficits would start to decrease in the 2030s.
On Friday, Biden is set to release his first full budget since taking office in January as he seeks to push his priorities of investing in infrastructure, childcare and other public works in a national rebuilding effort.
U.S. yields rise on Biden's proposed budget
In late afternoon trading, the U.S. 10-year Treasury yield rose to 1.607% from 1.574% late on Wednesday.
U.S. Treasury yields advanced on Thursday, bolstered by a New York Times report saying President Joe Biden will announce on Friday a $6 trillion budget for 2022, the largest spending since the second world war, fueling supply concerns.
The budget figure suggested the U.S. government will be running deficits of more than $1.3 trillion through the next decade, according to the report. The report weighed on Treasury prices because it means the government would have to flood the market with more debt to finance the budget.
Dollar index steady on mix of gains, losses on major currencies
In early afternoon in New York, the dollar had gained about 0.7% on the yen, and lost 0.5% to the Canadian dollar. Sterling picked up 0.5% to $1.419 and the euro was little changed at $1.219.
The dollar index was down 0.1% for the day, holding on to most of a 0.4% gain on Wednesday. While in early Friday steady around 90.809
Reference: Reuters, CNBC
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