The yield on 10-year US Treasuries hit 1.6% Monday morning after the Senate passed a $ 1.9 trillion coronavirus law on Saturday.

The benchmark 10-year Treasury note yield rose to 1.606% at 3:30 a.m. ET. The yield on the 30-year government bond rose to 2.311%. The returns move inversely to the prices.

The Senators passed the stimulus plan by budget vote, a process that did not require Republican support but any democratic vote.

The Democratic House intends to pass the bill on Tuesday and send it to President Joe Biden for signature before the March 14 deadline for renewal of unemployment benefit programs.

Government bond yields have risen rapidly recently amid expectations of an economic recovery from the pandemic and concerns over spike in inflation.

Ambrose Crofton, global market strategist at JPMorgan Asset Management, noted in a comment on Friday that this recent surge in yields has caused “some indigestion in the equity markets.”

However, Crofton said investors should take comfort in comments from Federal Reserve Chairman Jerome Powell last week. “Should the markets become disordered, steps would be taken to maintain favorable financial conditions and keep the economy on the path to full employment.”

Powell said at a conference in the Wall Street Journal last week that he was “paying close attention” to the lessons of the runaway inflation of the 1960s and 1970s, but believes the current situation is different.

Auctions will be held Monday for 13-week bills worth $ 54 billion and 26-week bills worth $ 51 billion.

– CNBC’s Jacob Pramuk contributed to this report.