Treasury yields rise following Biden’s vaccine supply pledge

US News

U.S. Treasury yields climbed on Wednesday, after President Joe Biden promised that the U.S. would have enough supply of coronavirus vaccines to inoculate every adult in the country by the end of May.

The yield on the benchmark 10-year Treasury note rose to 1.433% at 4 a.m. ET. The yield on the 30-year Treasury bond was advanced to 2.237%. Yields move inversely to prices.

Late on Tuesday, Biden made the pledge to have enough vaccine doses so that it will be available to every adult in the U.S. by the end of May, which is two months earlier than previously expected.

Treasury yields were also higher ahead of data showing how many jobs private firms added in February, which is due out at 8:15 a.m. ET on Wednesday. Economists polled by Dow Jones expect 225,000 private jobs were added in February, higher than the 174,000 added in January.

Markit’s final purchasing managers’ index readings for February are due out at 9:45 a.m. ET.

An auction is due to be held on Wednesday for $30 billion of 119-day bills.

CNBC’s Kevin Breuninger and Maggie Fitzgerald contributed to this report.

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