U.S. government debt prices edged higher Wednesday morning after President Donald Trump conceded that the coronavirus pandemic will probably “get worse before it gets better.”
In a White House briefing Tuesday, Trump adopted a more somber tone regarding the outlook for the pandemic in the U.S. than in recent weeks, having long downplayed the threat of the virus.
Trump also signaled a willingness to work with China and other countries to deliver a successful coronavirus vaccine, despite a recent escalation of tensions with Beijing.
Texas and Florida both reported record daily average deaths from Covid-19 on Monday based on a seven-day moving average, as hospitalizations continue to rise in 34 states. Confirmed cases nationwide are now nearing 3.9 million with 141,995 deaths as of Wednesday morning, according to Johns Hopkins University data.
Republicans and Democrats remain at odds over the extent of the next round of coronavirus aid, with Congressional Democrats demanding more money and more details on a potential $1 trillion relief package after a meeting with White House advisers Tuesday.
Existing home sales for June will be released at 10:00 a.m. on Wednesday. Economists polled by Dow Jones are expecting a rebound to 4.73 million sales.
Auctions will be held Wednesday for $25 billion of 105-day Treasury bills, $30 billion of 154-day bills and $17 billion of 20-year bonds.