Treasury Prices Slip Ahead of Yellen Hearing

It’s a light news day, but Treasury prices are slightly lower in early trading as investors await to hear what Janet Yellen will tell the Senate Finance Committee when her confirmation hearing for Treasury Secretary begins today. She’s expected to indicate a willingness to increase Federal borrowing and spending as part of efforts to provide covid relief and economic stimulus.

The Ten-Year’s yield has risen by about 4 basis points to 1.11% with the Long Bond at 1.86%. The Two-Year’s yield is 14 basis points. Crude oil is up slightly to $52.55 while gold is off about $5 to $1,837. Equity indices are flashing “green”.