U.S. government debt prices were mixed in the early hours of Monday morning, with investors monitoring progress toward a new coronavirus relief bill and a slew of Federal Reserve speakers scheduled this week.
Republican and Democratic lawmakers have been in deadlock over a new relief package since July, but President Donald Trump indicated last week that he could support a bigger spending pledge. White House Chief of Staff Mark Meadows also said he was “probably more optimistic about the potential for a deal.”
However, the process could be overshadowed by the passing of Supreme Court Justice Ruth Bader Ginsberg, with Trump and Senate Majority Leader Mitch McConnell vowing to fill her seat before the election amid strong criticism from both Democrats and some GOP lawmakers. A Reuters/Ipsos poll released on Sunday showed that a majority of Americans, including many Republicans, want to wait until after the Nov. 3 election has been decided to nominate a replacement.
Investors will also be looking ahead to a host of speeches from Federal Reserve policymakers this week for further signals on the health of the economic recovery. Lael Brainard is due to speak at 1 p.m. ET on Monday, before Robert Kaplan and John C. Williams deliver addresses at 6 p.m.
Treasury auctions will be held for $54 billion of 13-week bills and $51 billion of 26-week bills.
No major economic data releases are scheduled for Monday.