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10-year Treasury yield softens after last week’s surge

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 1.431% at 7:20 a.m. ET. The yield on the 30-year Treasury bond climbed to 2.198%. Yields move inversely to prices.

The move lower for much of the Treasury yield curve came as global stocks and U.S. stock futures rose on Monday.

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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