U.S. Treasury yield withdraws after 14-month high

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<p>The U.S. 10-year Treasury yield was down slightly in afternoon trading on Tuesday after hitting a 14-month high earlier within the session.</p>
<p>The yield on the benchmark 10-year Treasury note inched lower to 1.714% in afternoon trading. It hit 1.776% earlier within the session, the primary time trading around that level in January 2020.</p>
<p>The yield on the 30-year Treasury bond fell more substantially to 2.374%. Yields move inversely to prices.</p>
<p>The move in yields comes each day before President Joe Biden revealing details of his infrastructure plan. The recovery package is predicted to incorporate up to $3 trillion in spending across a swathe of sectors in an attempt to bolster the U.S. economy.</p>
<p>HSBC strategists said during a note published Monday that “stimulus and any infrastructure plan are likely to convince be a sugar rush for the economy given the secular headwinds.”</p>
<p>The move higher in yields to start out the year comes amid increasing talk about inflation, as the U.S. economy starts to bounce back. There were already concerns that the $1.9 trillion stimulus spending package signed earlier this month could stoke inflation amid the economic recovery from the pandemic.</p>
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