The 10 Year Yield Rose After Positive Vaccine News
Long-term treasury yields started to rise on Monday after positive coronavirus vaccine news, according to CNBC.
The positive vaccine news had investors hoping for a faster economic recovery. The 10-year Treasury note yield gained 2 basis points and closed at 0.6562 percent while the 30-year Treasury note yield gained 3 basis points to close at 1.3605.
Two experimental coronavirus vaccines developed by BioNTech and Pfizer received "fast track" designation from the US pushing yields higher. The companies announced that they expect to begin a large trial with as many as 30,000 participants later this month if they receive regulatory approval. The companies could have 100 million doses of a vaccine by the end of 2020 and more than 1.2 billion by the end of 2021.
Coronavirus cases have been surging in the US recently. The US has reported more than 60,000 new cases for three consecutive days, with total cases now over 3.3 million, according to Johns Hopkins University.