NEW YORK, Nov 16 (Reuters) - U.S. Treasury yields rose on Monday and the yield curve steepened as news of another promising coronavirus vaccine boosted optimism that the economy may be closer to returning to normal, but that was tempered by a likely slow rollout.
Moderna Inc's experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial, the company said on Monday, becoming the second U.S. drugmaker in as many weeks to report results that far exceeded expectations.
Benchmark 10-year yields rose 1.5 basis points to 0.908%.
The yields reached an eight-month high of 0.975% last Monday, ahead of new supply of three-year, 10-year and 30-year debt as part of the Treasury's quarterly refunding.
The yield curve between two-year and 10-year notes steepened one basis point to 73 basis points.
The Federal Reserve Chairman, Jerome Powell will speak on Tuesday at a Bay Area Council Business Hall of Fame awards event.
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