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Nov. 30, 2020, 7:27 a.m. EST

U.S. Treasury yields inch higher as Biden given go-ahead to start transition

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By Sunny Oh

U.S. Treasury yields rose Tuesday after President-elect Biden’s team was given permission to embark on the transition to a new administration, easing uncertainty about what further delays could spell for the economy and markets.

The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.99% was up 2.4 basis points to 0.881%, while the 2-year note yield /zigman2/quotes/211347045/realtime BX:TMUBMUSD02Y +0.24% was virtually unchanged at 0.162%. The 30-year bond yield /zigman2/quotes/211347052/realtime BX:TMUBMUSD30Y +0.43% climbed 4.1 basis points to 1.603%.

U.S. General Services Administration head Emily Murphy gave permission for president-elect Joe Biden to start his transition, allowing Biden’s team to start talking to federal agency officials and prepare to move into the White House. This ends the 16-day standoff since the Nov. 3 presidential election results were called.

Biden is set to nominate former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary under his administration.

Investors will watch remarks from senior Fed officials, too. New York Fed President John Williams said the central bank’s bond-buying scheme was working well, and added he was open to adjusting the size of the program.

In U.S. economic data, the Case-Shiller national home price index for September grew by 7% year-over-year . The Conference Board’s consumer confidence index for November declined to 96.1, from last month’s 101.9 .

The U.S. Treasury Department wrapped up the last of its auctions this week, with $56 billion of 7-year notes drawing strong demand.

“The formal transition from the current Administration to the next one was certified after the close, reducing the noise around all the risks that could happen if it was further delayed,” said Jim Vogel, a rate strategist at FHN Financial.

add Add to watchlist BX:TMUBMUSD10Y
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Jan. 25, 2021 9:35p
add Add to watchlist BX:TMUBMUSD02Y
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+0.0003 +0.24%
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Jan. 25, 2021 9:35p
add Add to watchlist BX:TMUBMUSD30Y
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+0.0077 +0.43%
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Jan. 25, 2021 9:35p

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