U.S. Treasury yields moved lower on Friday morning, as investors remained cautious over the spread of the omicron variant.
moved just under 3 basis points lower to 1.7897%. Yields move inversely to prices and 1 basis point is equal to 0.01%.Asian equities and oil prices traded lower on Monday following the re-imposition of some Covid-19 restrictions in Europe. It comes as the rapidly-spreading omicron variant threatens to hit the economy over the holiday season and into the new year.
The weekend's news on the variant kept up pressure on investor sentiment, as the World Health Organization said that cases are doubling in 1.5 to 3 days in areas with local spread, and U.K. officials said more Covid-19 restrictions were possible. The Netherlands over the weekend went into a full lockdown until after the new year, and U.S. President Joe Biden is set to give a speech on the variant on Tuesday.
With omicron set to become the dominant Covid variant in the U.S., health officials over the weekend urged citizens to get their booster shot and wear masks. Pfizer on Friday said the pandemic could extend through 2023. New York Federal Reserve President John Williams told on CNBC Friday: "I think investors and the markets are very much focused on Fed policy, but Covid is still the biggest story in the global economy."