U.S. 10-year Treasury yields climbed up to 1.77% on Tuesday, on the back of optimism about the economic recovery amid COVID-19 vaccine rollouts and planned infrastructure spending, CNBC reported.
- The 10-year Treasury yields jumped to 1.76% at 7:23 a.m. ET, after topping at 1.7% earlier in the session. This is the first time trading has reached such a level since January 2020.
- The 30-year Treasury yields rose to 2.456%, more inversely to prices.
- The climb comes a day before President Joe Biden is scheduled to reveal details of his infrastructure plan, including up to $3 trillion in spending across sectors to boost the U.S. economy.
- Strategists say stimulus and any infrastructure plan are likely to prove to be a “sugar rush” for the economy, given the current headwinds.
- The U.S. vaccination program is also gaining ground as the Centers for Disease Control and Prevention reported that over 3 million doses were administered for three straight days as of Sunday.