U.S. government debt prices were lower on Monday morning, as surging coronavirus cases delayed reopenings across the world’s largest economy.
At around 2:10 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.6956% and the yield on the 30-year Treasury bond was up at 1.4624%. Yields move inversely to prices.
In a Fourth of July speech, President Donald Trump promised to “safeguard” American values from enemies within, stoking national divisions on a day typically meant for unity and celebration.
Trump did not mention the number of fatalities due to the coronavirus in his speech, with almost 130,000 people known to have died from Covid-19 in the U.S. That is far more than any other country in the world.
In the first four days of July, Reuters reported 15 U.S. states had record increases in new cases of the coronavirus.
To date, the U.S. has recorded 2.8 million cases of the virus, with 129,947 deaths, according to data compiled by Johns Hopkins University.
On the data front, a final reading of services purchasing managers’ index (PMI) figures for June will be released at 9:45 a.m. ET, with ISM nonmanufacturing data for June set to follow at 10 a.m. ET.
The U.S. Treasury will auction $54 billion of 13-week bills and $51 billion of 26-week bills on Monday.