Treasury yields retreat as Fed’s Powell stresses uncertainty and coronavirus cases surge – CNBC

Treasury yields retreat as Fed’s Powell stresses uncertainty and coronavirus cases surge – CNBC

U.S. authorities debt costs have been increased Tuesday morning after Federal Reserve Chairman Jerome Powell emphasized the extended uncertainty going thru the U.S. economy, as coronavirus cases fly in moderately loads of states.

At spherical 2:05 a.m. ET, the yield on the benchmark 10-One year Treasury show modified into once decrease at zero.6283% and the yield on the 30-One year Treasury bond modified into once down at 1.3780%. Yields switch inversely to costs.

In remarks ready for a congressional listening to Tuesday, Powell mentioned that despite a most modern uptick in financial exercise as lockdown measures are eased right thru the arena’s absolute most realistic economy, the outlook is “extraordinarily perilous” and can count on each and every containing the virus and authorities give a enhance to for the recovery.

Powell and Treasury Secretary Steven Mnuchin will testify sooner than the House Monetary Services and products Committee at 12:30 p.m. ET on Tuesday.

Within the meantime, coronavirus cases continue to surge spherical the country, forcing states in conjunction with New Jersey, Arizona and Kansas to gallop inspire plans to additional ease lockdown measures. A Reuters tally showed that California marked a document on every day basis spike in new Covid-19 cases on Monday as Los Angeles neatly being officials warned that hospitals might possibly well possibly additionally change into overwhelmed.

Based utterly on data compiled by Johns Hopkins University, the U.S. has now confirmed extra than 2.59 million coronavirus cases with extra than 126,000 deaths, and Dr. Anne Schuchat, most valuable deputy director of the Amenities for Disease Care for watch over and Prevention, mentioned Monday that the virus is spreading too as we insist within the country to be introduced under regulate.

With extra than 10.Three million cases worldwide, World Health Organization’s Director-Celebrated Tedros Adhanom Ghebreyesus warned Monday that the pandemic is “no longer even terminate to being over.”

S&P/Case-Shiller dwelling mark data for April is due at 9 a.m. ET on Tuesday.

Auctions will be held Tuesday for $35 billion of 119-day Treasury bills and $35 billion of forty two-day bills.

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June 30, 2020

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