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Treasury yields inch lower amid mixed updates on the omicron variant

08 December 2021 18:08 (UTC +04:00)

U.S. Treasury yields fell on Wednesday morning, following mixed updates on the new omicron variant, APA reports citing CNBC.

The yield on the benchmark 10-year Treasury note fell by 1 basis point to 1.4614% at 3:45 a.m. ET. The yield on the 30-year Treasury bond fell by just under a basis point to 1.7857%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Pfizer CEO Albert Bourla said on Tuesday that although the omicron variant appears to be milder than previous strains of Covid-19, it also seems to spread faster and could result in more mutations in the future.

Meanwhile, in a small preliminary study released Tuesday, South African scientists said that the omicron variant significantly reduced the antibody protection offered by the Pfizer-BioNTech vaccine. However, they also said that those who have recovered from the virus and received a booster shot are likely to have more protection from severe disease.