Treasury yields are flat ahead of weekly jobless claims

Treasury yields held steady on Wednesday as investors awaited the latest data on the labor market.

The yield on the benchmark 10-year Treasury note climbed to 0.921%, while the yield on the 30-year Treasury bond was slightly higher at 1.655%. Bond yields move inversely to prices.

Investors will get another look at the labor market when initial jobless claims from last week are released at 8:30 ET. Economists polled by Dow Jones are expecting 888,000 initial claims, which is roughly flat with the previous week’s reading.

President Donald Trump on Tuesday suggested he may not sign a long-delayed coronavirus relief package. He poured cold water on the $900 billion Covid relief bill passed by Congress earlier this week. He called the measure an unsuitable “disgrace” and urged lawmakers to make a number of changes, including larger direct payments to individuals and families.

The current package includes a boost to jobless benefits, more small business loans, another $600 direct payment and funds to streamline critical distribution of Covid-19 vaccines. However, Trump was unhappy with the $600 direct payments, calling for them to be increased to $2,000.

Investors have also been unnerved this week by a new coronavirus strain first identified by the U.K. The variant is thought to be up to 70% more transmissible than previous strains.