U.S. government debt prices were slightly higher Thursday morning as the coronavirus pandemic continues to drive a flight from risk.

At around 3:15 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 1.2344%, while the yield on the 30-year Treasury bond was also down at 1.8552%.

Despite the tumbling stock market, which saw Wall Street hit new coronavirus crisis lows on Wednesday, yields leaped as investors sold out of bonds amid discussion of a $1 trillion federal stimulus package to help juice the economy.

The U.S. Senate overwhelmingly passed a bill on Wednesday providing billions of dollars to supply free testing, paid sick leave and expanded safety-net spending in a bid to cushion the economic blow to Americans from the pandemic.

The European Central Bank (ECB) late on Wednesday announced an $820 billion bond purchase program in the hope of propping up the ailing euro zone.

U.S. fourth-quarter current account figures will be published at 8:30 a.m. ET along with last week’s jobless claims.

Auctions will be held Thursday for $50 billion of 4-week Treasury bills, $40 billion of 8-week bills and $12 billion of 10-year TIPS.

– CNBC’s Thomas Franck contributed to this report.

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