U.S. Treasury yields fell on Monday following Joe Biden’s presidential election win, amid increased risk appetite from investors with stock markets and futures rallying.
The yield on the benchmark 10-year Treasury note dipped to 0.807% at 5:12 a.m. ET, while the yield on the 30-year Treasury bond fell to 1.585%. Yields move inversely to prices.
Treasury yields slumped as stocks and futures saw a sharp rise, after Democrat Joe Biden defeated incumbent Republican President Donald Trump in the U.S. presidential election race, according to NBC News projections.
President-elect Biden secured victory on Saturday following projected wins in the key states of Pennsylvania and Nevada, according to NBC News projections. The call came four days after Election Day and amid close counts in several battleground states.
Trump is refusing to concede the election. “The simple fact is this election is far from over,” Trump said in a statement released just minutes after NBC projected that Biden had become president-elect.
Cases of the coronavirus continue to surge in the U.S., with daily infections reaching 128,412 on Saturday, according to data compiled by Johns Hopkins University.
Loretta J.Mester, president of the Federal Reserve bank of Cleveland, is due to make a speech at 15:30 p.m. ET and Philadephia Fed President Patrick Harker is set to speak at 16:20 p.m. ET.
Auctions will be held on Monday for $54 billion worth of 13-week bills, $51 billion of 26-week bills and $54 billion of three-year notes.
— CNBC’s Kevin Breuninger contributed to this story.