Bond Yields Jump As Biden Backs $ 2T Coronavirus Stimulus

The Biden administration is looking for ways to reform the criminal justice system. FOX Business’ Edward Lawrence with more.

Longer-dated U.S. Treasury yields rallied Thursday morning after reports said President-elect Joe Biden backed a COVID-19 relief program worth up to $ 2 trillion.

The size of the stimulus package is larger than the $ 1.3 trillion plan that future Senate majority leader Chuck Schumer, a Democrat from New York, was after, according to Bloomberg.

Stock market braces for ‘regime change’ amid power shift in Washington: GUNDLACH

The benchmark 10-year yield climbed to 2.9 basis points to 1.117%, hitting its highest level since March 19. The 30-year yield climbed up to 4 basis points to 1.858%.

Meanwhile, shorter-term yields were little changed, both years up 0.2 basis points to 0.149%.

The sell tipped the yield curve steeper with the 2-10 year spread climbing to 95.8 basis points, its highest since January 2017. A steeper yield curve indicates…

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