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Treasury yields pull back after U.S. stimulus plan rejection

U.S. Treasury yields slipped on Wednesday morning, after a $908 billion bipartisan economic stimulus plan was rejected by Senate Majority Leader Mitch McConnell on Tuesday.

The yield on the benchmark 10-year Treasury note dipped to 0.926% at 5:23 a.m. ET, while the yield on the 30-year Treasury bond fell to 1.665%. Yields move inversely to prices.

Treasury yields edged lower on Wednesday after jumping later on in the previous session.

McConnell’s rejection of the bipartisan plan, sees the stalemate over a coronavirus stimulus package continue, after months of congressional inaction.

Traders will have an eye on the November ADP private payroll figures due out at 10:15 a.m. ET. Economists polled by Dow Jones forecasted that 475,000 jobs were added in November, compared to the 365,000 added in October.

Federal Reserve Chairman Jerome Powell will speak at 12 p.m. ET, along with Philadelphia Fed President Patrick Harker. Fed Vice Chair for Supervision Randal Quarles and New York Fed President John Williams are set to make speeches at 11 a.m. ET. Williams will then speak again at 3 p.m. ET.

Weekly stock change figures for crude oil, Cushing crude oil, distillate and gasoline are due out at 12:30 p.m. ET.

Auctions will be held on Wednesday for $25 billion of 105-day bills and $30 billion of 154-day bills.

CNBC’s Jacob Pramuk contributed to this article.

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