Treasury yields traded lower on Tuesday as investors remained on edge about the coronavirus pandemic.
The yield on the benchmark 10-year Treasury note fell 2 basis points to 0.6397%. In the meantime, the yield on the 30-year Treasury bond was also lower at 1.3991%. Yields move inversely to prices.
New York City reported an uptick in virus cases on Tuesday. The city said its daily positive rate of coronavirus tests is back above 3% for the first time in months. Meanwhile, hospitalizations in New York rose to 571, the most since Aug. 7.
Yields remained lower even after U.S. consumer confidence jumped unexpectedly in September. The Conference Board said Tuesday its consumer confidence index increased to a reading of 101.8 this month from 86.3 in August. The reading is much higher than a Dow Jones estimate of 90.1
President Donald Trump and Democratic challenger Joe Biden will participate in a televised debate tonight — the first before U.S. voters head to the polls in November.
The Treasury is due to auction $30 billion in 42-day CMBs (cash management bills) and $30 billion in 119-day CMBs.
