U.S. government debt prices were lower Tuesday morning as investors react to optimism from policymakers that the coronavirus pandemic may have reached its peak.
At around 2:55 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at 0.7631%, while the yield on the 30-year Treasury bond was up at 1.3987%.
States on the east and west coasts on Monday formed regional pacts in the hope of forging gradual economic reopenings, as the rate of coronavirus infections finally appeared to be slowing.
Yields also received a boost to begin the week after OPEC and its oil-producing allies on Sunday agreed in a historic deal to cut production by 9.7 million barrels per day, following days of protracted negotiations in a bid to prop up falling prices.
On the data front, U.S. import/export figures for March are due at 8:30 a.m. ET.
Auctions will be held Tuesday for $65 billion of 43-day Treasury bills and $25 billion of 119-day bills.