Treasury yields rose on Tuesday morning, as investors digested the news that Jerome Powell had been renominated to the role of Federal Reserve chair.
gave up less than a basis point at 1.9699%. Yields move inversely to prices and 1 basis point is equal to 0.01%.Biden named Fed Governor Lael Brainard, who was another favorite for the top job, as vice chair.
Brainard was expected to take a more dovish approach to monetary policy, so Powell's renomination has reinforced expectations that the Fed will continue on its current path of pulling back emergency stimulus measures." that Powell's renomination was "definitely a continuity decision."
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