U.S. Treasury yields ebbed lower on Wednesday after President Donald Trump acknowledged that there would be no economic stimulus deal before the U.S. election next week.
Yields slumped after President Trump reportedly said on Tuesday: “After the election, we’ll get the best stimulus package you’ve ever seen.”
The White House and congressional Democrats have failed to so far reach an agreement over certain terms in the stimulus package.
The U.S. has also continued to see an uptick in cases of the coronavirus in recent days.
Auctions will be held Wednesday for $25 billion worth of 105-day bills, along with $30 billion worth of 154-day bills. Another $55 billion in five-year notes also go up for sale today, as well as $26 billion of two-year floating-rate notes (FRNs).