Treasury yields mixed as U.S. surpasses 3 million coronavirus cases

U.S. government debt prices were mixed on Wednesday morning amid uncertainty over the pandemic.

At around 4 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.6529% and the yield on the 30-year Treasury bond was down at 1.3859%. Yields move inversely to prices.

On Tuesday, long-maturity yields dropped on concerns over the coronavirus. The United States is grappling with a growing number of infections, having surpassed the 3 million threshold on Tuesday. In San Francisco, authorities decided to delay the reopening of indoor dining.

Speaking to CNBC, Nobel prize-winning economist Robert Shiller said he is worried about the long-lasting effects of the pandemic. “There might have to be closures again. It might have a worse psychological response the second time,” he said in reference to a potential second wave.

The United States also announced Tuesday it is officially leaving the World Health Organization in 2021. President Trump has criticized the way the institution has dealt with the outbreak. The move brings uncertainty over the future of the WHO.

On the data front, there will be consumer credit numbers at 3 p.m. ET. Traders are also likely to monitor a speech by Atlanta Fed president Raphael Bostic at 12.15 p.m. ET.

The U.S. Treasury will auction $29 billion of 10-year notes on Wednesday.