The 10-year US Treasury yield continued to rise above the 1% mark on Thursday morning, following a projected two-seat victory for Democrats in the Senate in the Georgia election.
The yield on the 10-year Treasury benchmark rose to 1.063% at 3:40 a.m. ET, while the yield on the 30-year Treasury bond rose to 1.847%. Yields are reversed from prices.
The Treasury is making extended gains from the previous session, with Congress confirming the election of Joe Biden as president on Thursday morning.
This comes a day after the dramatic scenes of the riots that support President Donald Trump who stormed the Chapter building on Wednesday.
This came after Trump, during an earlier rally in front of the White House, encouraged thousands of supporters to go to the Capitol to protest by confirming Joe Biden as the next president. The number of electoral votes was finally resumed.
Before the Capitol invasion, NBC News projected that Democrat Jon Ossoff would have defeated Republican David Perdue in one of the Georgia Senate rounds.
This followed Democrat Raphael Warnock’s defeat of Republican Sen. Kelly Loeffler for the other Senate seat in Georgia.
These projected victories give Democrats a weak majority in the Senate, with a 50-50 seat split, and Vice President-elect Kamala Harris as a breakout vote. This means that Democrats will have unified control of Congress and the White House as Biden takes office.
Meanwhile, minutes from the latest US Federal Reserve meeting, launched on Wednesday, showed that the central bank will give the public a lot of notice before reducing its bond purchase program.
On Thursday, the balance of trade data for November, which shows the difference between the value of US exports and imports, is expected at 8:30 AM ET. Claims for the unemployed are also being shipped at this time.
ISM non-production figures for December are set to be released at 10am ET.
Patrick Harker, president of the Federal Reserve Bank of Philadelphia, will give a speech at 9 p.m. James Bullard, president of the St. Louis Fed, will speak at 12 noon, followed by Charles Evans, president of the Chicago Fed, at 1:00 p.m.
Auctions will take place on Thursday for $ 30 billion in 4-week bills and $ 35 billion in 8-week bills.
– Amanda Macias and Dan Mangan of CNBC contributed to this report.