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

(CNBC) U.S. Treasury yields rose Monday 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 9.3 basis points to 1.629% in afternoon trading The yield on the 30-year Treasury bond advanced by 6.4 basis points to 1.971%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

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