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U.S. Treasury yields move higher ahead of Senate vote on Covid relief

U.S. government debt prices were lower on Tuesday morning, as market participants closely monitored a Senate vote on increased economic relief from the coronavirus pandemic.

At around 5:40 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.9431%, while the yield on the 30-year Treasury bond was also higher at 1.6844%. Yields move inversely to prices.

It comes shortly after President Donald Trump signed a $900 billion Covid-19 relief bill into law on Sunday, averting a government shutdown and extending unemployment benefits to millions of Americans.

Trump had initially suggested he would veto the bill, which would see $2,000 Covid-19 relief checks given to Americans under a certain income level.

The House of Representatives on Monday passed a measure to increase economic relief, sending the bill to the Senate where its future is less certain.

On the data front, S&P CoreLogic Case-Shiller U.S. National Home Price Index figures will be released at around 9:00 a.m. ET. Dallas Fed services data will follow slightly later in the session.

The U.S. Treasury will auction $59 billion of 7-year notes, $34 billion of 52-week bills, $30 billion of 119-day bills and $30 billion of 42-day bills.

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