West News Wire: U.S. Treasury yields dipped Monday after the long holiday weekend as investors assessed the omicron threat.

At 4 a.m. ET, the yield on the benchmark 10-year Treasury note had fallen by almost a basis point to 1.472 percent, while the yield on the 30-year Treasury bond had fallen by about half a basis point to 1.88 percent. Yields move in the opposite direction of prices, with 1 basis point equaling 0.01 percent.

Bond markets were closed for the Christmas holiday on Friday, December 24, but reopened on Monday. Positive news on the omicron Covid version has boosted investor confidence.

People infected with the omicron coronavirus variation were 80 percent less likely to be admitted to hospital than those infected with other strains, according to a study published last week in South Africa. South African findings appear to be backed up by research from Scotland and England.

U.S. infectious disease expert, Dr. Anthony Fauci, said Sunday that Covid-19 cases are likely to keep surging as the omicron variant rapidly spreads across the globe.

“Every day it goes up and up. The last weekly average was about 150,000 and it likely will go much higher,” Fauci said on ABC’s “This Week.”

The United States has reported more than 52 million cases, according to Johns Hopkins University. Driving the surge is the omicron variant, which took over as the dominant strain earlier this month.

A slew of economic data on Thursday last week showed a stable economy with improving labor and spending trends, but inflation remains high.

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Data releases on Tuesday include the S&P Core Logic Case-Shiller National Home Price Index for October, the Richmond Fed survey for December and the Dallas Fed services activity data for this month.

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