Treasury Yields Stay Near Flat After Democrats Win Control of Congress

U.S. Treasury yields edged higher Wednesday as investors assessed Democrats’ midterm victories, with the party’s new congressional majorities potentially complicating the White House’s legislative agenda. The 10-year Treasury note yield rose less than one basis point to 4.954%. The 30-year bond yield increased one basis point to 5.334%, while the two-year note yield gained one basis point to 4.627%. One basis point equals one-hundredth of a percentage point, and Treasury prices move inversely to yields. Democrats won majorities in the House and Senate, flipping Republican-held Senate seats in Iowa, Kansas, North Carolina, Ohio, South Carolina, Maine and Texas. They also won gubernatorial races in Ohio and Texas. The results could restrain federal spending by making it harder for the White House to move legislation through Congress.

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