Treasury yields rise as investors pin hopes on economic reopening efforts

U.S. government debt prices were slightly lower Monday morning after back-to-back rallies on Wall Street, as attempts to reopen economies around the world drive momentum to risk assets.

At around 2:10 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.6876% and the yield on the 30-year Treasury bond was up at 1.3958%. Yields move inversely to prices.

States across the U.S. and countries around the world have begun easing lockdown measures implemented to contain the coronavirus pandemic, which has ravaged the global economy.

Italian Prime Minister Giuseppe Conte said over the weekend that Italy could ease its lockdown restrictions earlier than planned if the outbreak remains under control, while U.K. Prime Minister Boris Johnson on Sunday outlined a “conditional” plan to slowly reopen the British economy.

In the U.S., New York Gov. Andrew Cuomo said Sunday that the rate of new Covid-19 related hospitalizations in the country’s worst affected state had returned to levels seen when lockdown measures were implemented back in March.

The consecutive rallies on Wall Street come despite the Labor Department on Friday reporting that the coronavirus wiped 20.5 million workers from nonfarm payrolls, sending the unemployment rate skyrocketing to 14.7% last month.

Auctions will be held Monday for $63 billion of 13-week Treasury bills, $54 billion of 26-week bills and $42 billion of three-year notes.

There are no major economic data releases expected Monday.