U.S. Treasury yields rose slightly on Monday as the Covid-19 vaccine rollout began while lawmakers continued stimulus bill negotiations.
Treasury yields jumped earlier in the day after CDC director signed off Pfizer's coronavirus vaccine over the weekend, allowing vaccinations to begin. The first deliveries of the vaccine in the U.S. are due to arrive Monday. Trucks containing the initial packages of the vaccine are leaving Pfizer's facility in Michigan with delivery expected on Monday to sites across all 50 states.
However, yields came off their highs following headlines about potential stricter restrictions due to a worsening pandemic. New York City Mayor Bill de Blasio said residents should be prepared for the possibility of a full shutdown, while London will be placed into England's toughest tier of coronavirus restrictions from Wednesday.
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The U.S. continues to grapple with rising coronavirus cases and deaths. The U.S. has recorded 16,256,754 coronavirus infections and 299,177 deaths from the virus, according to data compiled by Johns Hopkins University.
Meanwhile, Congress appeared closed to agreeing to another round of U.S. stimulus spending. A bipartisan plan could be introduced in Congress as soon as Monday, but split into two parts in order to improve its chances of approval.
Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.