Bonds

Treasury yields rise amid market highs following Biden's inauguration

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Key Points
  • Biden signed a number of executive orders on his first day in office and is expected to start working on his proposed $1.9 billion economic stimulus plan right away.
  • Weekly jobless claims data came in better than expected on Thursday.

U.S. Treasury yields for longer maturities rose on Thursday following the inauguration of Joe Biden as U.S. president and better-than-expected economic data.

The yield on the benchmark 10-year Treasury note rose to 1.104%, while the yield on the 30-year Treasury bond moved higher to 1.865%. Yields move inversely to prices.

Treasurys

The rise in Treasury yields on Thursday came as U.S. stocks were mixed after the major averages hit record highs on Inauguration Day.

Biden was sworn in as the 46th president of the United States on Wednesday. In his inauguration speech, Biden declared that "Democracy has prevailed," calling on Americans to reject efforts to sow division and pledging to work for the voters who did not support him.

Biden signed a number of executive orders on his first day in office and is expected to start working on his proposed $1.9 trillion economic stimulus plan right away.

Data for housing starts for the U.S. in December, which measures the number of residential construction projects started, was better than expected on Thursday morning. Weekly jobless claims were also lower than expected, though still elevated relative to pre-pandemic levels.

Auctions were held Thursday for $30 billion of 4-week bills, $35 billion of 8-week bills and $15 billion of 10-year bonds.

CNBC's Jacob Pramuk and Maggie Fitzgerald contributed to this report.