U.S. government debt prices rose again on Wednesday morning, though yields remained slightly above the previous session’s record lows.
At around 2:00 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 0.9666%, having fallen to an all-time low of 0.906% on Tuesday. The yield on the 30-year Treasury bond was also lower at 1.6007%.
The U.S. Federal Reserve slashed interest rates by half a percentage point on Tuesday in an emergency measure to combat the expected economic fallout from the coronavirus outbreak, sparking a turbulent session which saw the 10-year yield dip below 1% for the first time in history.
Other major central banks have scheduled meetings in the coming weeks and could follow the Fed’s lead, including the European Central Bank, the Bank of England and the Bank of Japan.
According to the latest figures from the World Health Organization, at least 91,700 global cases have been confirmed with at least 3,100 deaths.
Investors will also have an eye on results coming out of Super Tuesday as former Vice President Joe Biden notched a flurry of victories in key Democratic primary states, offering some upward momentum to stock futures.
Final Markit PMI (purchasing managers’ index) readings for February are due at 9:45 a.m. ET before a host of ISM non-manufacturing data at 10 a.m.
There are no Treasury auctions scheduled for Wednesday.