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10-year Treasury yield softens after a surge in stock markets

The 10-year U.S. Treasury yield started the week lower, after an overnight surge in U.S. stock futures.

The yield on the benchmark 10-year Treasury note fell to 1.429% at 3:50 a.m. ET. The yield on the 30-year Treasury bond climbed to 2.203%. Yields move inversely to prices.

The House of Representatives passed President Joe Biden’s $1.9 trillion stimulus package, early on Saturday. The coronavirus relief spending package will now be considered in the Senate.

Federal Reserve Governor Lael Brainard is due to make a speech on financial stability at the Institute of International Bankers 2021 annual Washington conference, at 9:05 a.m. ET on Monday.

February’s final read for Markit’s U.S. manufacturing purchasing managers’ index is due out on Monday at 9:45 a.m. ET. Economists polled by Dow Jones are expecting a read of 58.5, the same as December’s read of 58.5.

U.S. construction spending data for January is due out later at 10 a.m. ET.

Auctions will be held Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.

CNBC’s Maggie Fitzgerald contributed to this report.

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