Treasury yields move higher as investors weigh Trump's State of Union address

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U.S. Treasury yields were higher on Wednesday as investors weighed President Donald Trump’s State of the Union address, which largely focused on the economy.

At 5:07 a.m. ET, the benchmark 10-year Treasury yield was up 2 basis points at 4.053%. The 30-year Treasury bond yield was 1 basis point higher at 4.703%. The 2-year Treasury note yield also added 1 basis point to 3.473%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Investors watched Trump’s State of the Union on Tuesday, which had a major focus on the economy, and lasted nearly two hours, the longest on record.

During the speech, the president said that the economy is “roaring like never before” and said inflation was “plummeting.” He called for the creation of a government-backed 401(k)- type pension plan for U.S. workers who don’t have a retirement plan through their employers.

Trump also outlined plans to call on Congress to approve an executive order he’s signed to prevent institutional investors from buying up single-family homes.

Investors will now shift attention to some economic data coming in the week including mortgage rates on Wednesday, weekly initial jobless claims on Thursday, and the producer price index on Friday.

Geopolitical tensions are also in focus, with investors monitoring developments between the U.S. and Iran. They’re also shrugging off Trump’s latest tariff announcements, with the levy coming into effect at a lower-than-expected 10% on Tuesday.