Treasury Yields Dip as Investors Eye Omicron Developments and Data

Source: NYSE

U.S. Treasury yields dipped on Thursday morning, as investors continued to keep an eye on the latest news around the omicron variant, as well as economic data.

The yield on the benchmark 10-year Treasury note fell 1.9 basis points to 1.49%. The yield on the 30-year Treasury bond moved less than 1 basis point lower to 1.867%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Tedros Adhanom Ghebreyesus, the director-general of the World Health Organization, said on Wednesday that the omicron Covid variant could change the course of the pandemic.

Meanwhile, Pfizer CEO Albert Bourla said on Wednesday that people might need a fourth Covid-19 shot sooner than expected because of the omicron variant. However, results of an initial lab study released earlier that day, showed that a third shot was effective at fighting the omicron variant.

On Thursday the Labor Department reported initial claims for unemployment insurance totaled 184,000. That was significantly lower than the 211,000 estimated by economists surveyed by Dow Jones, and the lowest level since 1969.

Auctions were held on Thursday for $10 billion of four-week bills, $25 billion of eight-week bills and $22 billion of 30-year bonds.

CNBC's Pippa Stevens and Annika Kim Constantino contributed to this market report.

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