At around 3:10 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was down at 0.6441% having climbed off an all-time low on Tuesday. The yield on the 30-year Treasury bond was also lower at 1.1171%.

Stocks rallied on Tuesday, recovering from Wall Street’s worst one-day sell-off since the 2008 financial crisis on Monday, but CNBC reported that the White House is far from ready to roll out specific economic proposals to address the rapidly escalating coronavirus outbreak.

A White House official told CNBC Tuesday that President Donald Trump had pitched a 0% payroll tax rate for employers and employees for the rest of the year, on top of an $8.3 billion spending package signed last week.

However, no stimulus package appears to be forthcoming out of Washington and Dow futures pointed to another sharp opening loss Wednesday morning, as cases of the virus in the U.S. surpassed the 1,000 mark.

U.S. inflation figures for February are due at 8:30 a.m. ET before the U.S. monthly budget statement at 2 p.m. ET.

An auction will be held at 1 p.m. ET for $24 billion of 10-year Treasury notes.

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