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Treasury yields are little changed as investors focus on Biden’s tax proposal

U.S. Treasury yields were little changed on Friday morning, with investor focus on President Joe Biden’s capital gains tax proposal.

The yield on the benchmark 10-year Treasury note ticked up to 1.56% at 9:50 a.m. ET. The yield on the 30-year Treasury bond climbed to 2.244%. Yields move inversely to prices.

The small moves in yields on Friday follow reports that Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities.

Biden will seek an increase in the tax on capital gains to 39.6% from 20% for those Americans earning more than $1 million, according to multiple outlets, including Bloomberg News and The New York Times.

Markit’s preliminary manufacturing purchasing manager’s index for April came in at 60.6, slightly ahead of estimates from economists surveyed by Dow Jones. The composite index came in at 62.2.

PMI readings are calculated such that any reading above 50 represents an expansion in a sector. The readings for manufacturing, services and the composite index were all at a record high for Markit’s flash series.

New home sales data for March is then due out at 10 a.m. ET.

There are no auctions scheduled for Friday.

CNBC’s Thomas Franck contributed to this report.

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