U.S. Treasury yields retreated on Monday as investors weighed President-elect Donald Trump’s Treasury secretary pick and eyed a key inflation reading due later in the week.
The 10-year Treasury yield slid more than 14 basis points to 4.265%. The 2-year Treasury lost more than 10 basis points, sitting at 4.264%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
Trump’s choice of hedge fund executive Scott Bessent as Treasury secretary has calmed investors’ nerves about the future of the U.S. economy.
Bessent, the founder of Key Square Group, is expected to back the incoming president’s economic goals including gradual tariffs and pro-business policies. However, as an old Wall Street hand and a fiscal conservative, investors believe Bessent will prioritize stability in the U.S. economy and markets.
“The nomination of Scott Bessent to be U.S. Treasury Secretary has been a catalyst for lower bond yields,…
