The yield on benchmark 10-year Treasuries, which rises when prices fall, lifted 1.7 basis points in Asia.
Ten-year Treasury yields are up more than 19 basis points this year as investors bet on Biden's borrow-and-spend agenda being able to clear a Democrat-controlled Congress - and as worry creeps in about when the Fed's support might taper off.
S&P 500 futures rose 0.2% and EuroSTOXX 50 futures STXEc1 rose 0.3%.
"The number one question for global markets and equities will be when will the Fed start tapering," said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong.
"This is where you can get some concern... but at the moment it is something that is a bit premature. We are in a context where you have growth accelerating, economic indicators are good, and in the U.S. the increased probability of fiscal stimulus."
Currency markets are taking a little more of a wait-and-see approach, as investors are short dollars and wondering whether the eventual tapering might limit the greenback's decline.
The dollar rose 0.2% to 104.12 yen with U.S. yields after the CNN report, which cited one lawmaker in contact with Biden's advisers as its source. Biden is due to announce his economic plans on Thursday.
Traders are also anxious to hear from Fed Chairman Jerome Powell on Thursday, where any hint of an eventual tapering could send yields surging once more.
The Australian and New Zealand dollars steadied after slipping a little overnight, with the Aussie at $0.7733 and the kiwi at $0.7174. The euro nursed broad but modest losses at $1.2141 and 126.3 yen.
Stellar economic statistics, meanwhile, kept flowing in North Asia. China's exports grew more than expected in December - pointing to solid global demand - while machinery orders rose for a second straight month in Japan.
Chinese blue chips eased from a 13-year peak hit on Wednesday as investors took some profits. .SS
Hong Kong listed shares of tech giants Alibaba and Tencent rose after sources told Reuters and the Wall Street Journal that plans to extend a U.S. investment ban to the stocks had been scrapped.
In Washington, the Democrat-controlled House of Representatives impeached President Donald Trump for a second time. But markets have been more focused on his attacks on Chinese companies.
Trump bolstered a ban on U.S. investments in Chinese companies deemed to be linked with the military by clarifying late on Wednesday that American investors cannot own them after November 2021.
In commodity markets oil futures nursed modest losses as fresh surges in coronavirus cases stoke worries about more lockdowns and lower energy demand. Brent crude futures slipped 0.1% to $55.91 a barrel and U.S. crude futures fell by the same margin to $52.81 a barrel.
Gold, which pays no interest, has suffered as U.S. yields have climbed and it traded 0.2% lower at $1,838 an ounce - well below a two-month peak of $1,959 hit a week ago.
(Reporting by Tom Westbrook in Singapore and Chibuike Oguh in New York. Additional reporting by Junko Fujita in Tokyo; Editing by Cynthia Osterman and Gerry Doyle) ((email@example.com; +65 6318 4876;))
((To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA ))