Treasury yields rise after Biden picks Powell over Brainard for top Fed post

U.S. Treasury yields rose on Monday morning after President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair.

The yield on the benchmark 10-year Treasury note climbed by 5.5 basis points to 1.593% at 9:03 a.m. ET. The yield on the 30-year Treasury bond advanced by 3.5 basis points to 1.942%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Biden on Monday morning announced Powell as his pick for the central bank chief nomination in a closely-watched decision. The president named Fed Governor Lael Brainard as vice chair.

If Brainard had been nominated for the top Fed position, many expected more dovish monetary policy, meaning it may have taken the Fed longer to pull back its emergency stimulus measures.

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On Monday, existing home sales data for October is set to be released at 10 a.m. ET.

Auctions are scheduled to be held for $57 billion of 13-week bills, $51 billion of 26-week bills, $58 billion of 2-year notes and $59 billion of 5-year notes.

CNBC’s Yun Li contributed to this market report.

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