Treasury yields retreat as coronavirus cases spike

U.S. government debt prices were lower Monday morning as investors monitored a rise in new coronavirus cases across the U.S., jeopardizing hopes of a quick economic recovery.

At around 2:20 a.m. ET, the yield on the benchmark 10-year Treasury note was lower at 0.6921% and the yield on the 30-year bond fell to to 1.4569%. Yields move inversely to prices.

More than 30,000 new Covid-19 cases were reported in the U.S. on Friday and Saturday, according to data compiled by Johns Hopkins University, the highest daily totals since May 1 as infections spiked in states across the South, West and Midwest.

The World Health Organization (WHO) also reported a rise in global cases on Sunday of 183,020, taking the total cases around the world past 8.7 million as countries attempt to reopen their economies following months of lockdown measures.

May’s existing home sales data is due at 10 a.m. ET on Monday.

Auctions will be held Monday for $57 billion of 13-week Treasury bills and $54 billion of 26-week bills.

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