Treasury yields fall as the coronavirus crisis deepens

U.S. government debt prices were higher Wednesday morning as investors continue to monitor the human and economic toll of the coronavirus pandemic.

At around 2:15 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 0.6254%, while the yield on the 30-year Treasury bond was down at 1.3046%.

The White House has projected that the U.S. could face between 100,000 and 240,000 deaths from COVID-19, ahead of what President Donald Trump on Tuesday warned would be a “very painful two weeks.”

More than 189,000 cases have now been confirmed across the country, with more than 4,000 deaths.

Wall Street on Tuesday closed out its worst first quarter on record, with the Dow notching up its worst quarter since 1987 as investors continued to flee risk assets due to the now inevitable global economic shock caused by nationwide shutdown measures.

ADP employment change figures for March are due at 7:15 a.m. ET, before Markit and ISM manufacturing PMI (purchasing managers’ index) readings and ISM manufacturing, prices, employment and new orders data at 9 a.m. ET.

There are no Treasury auctions scheduled for Wednesday.