October 20, 2017 / 6:59 AM / a year ago

Euro zone bond yields rise on U.S. tax plan progress

LONDON, Oct 20 (Reuters) - Euro zone government bond yields rose 2-4 basis points across the board on Friday after lawmakers in the United States approved a budget measure that rekindled hopes for the return of the “Trumpflation trade”.

President Donald Trump’s drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue a tax-cut package without Democratic support.

The yield on 10-year U.S. Treasuries was up more than 4 bps to its highest level in more than a week to 2.3650 percent.

German 10-year government bond yields, the benchmark for the region, was up 3 bps to a one week high of 0.42 percent. (Reporting by Abhinav Ramnarayan; Editing by Saikat Chatterjee)

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