U.S. government debt prices were higher Wednesday morning as investors weighed fears over the containment of the coronavirus pandemic against efforts to reopen the economy.

At around 4:55 a.m. ET, the yield on the benchmark 10-year Treasury note was lower at 0.6622% and the yield on the 30-year Treasury bond was down at 1.3503%. Yields move inversely to prices.

White House medical advisor Dr. Anthony Fauci said Tuesday that a vaccine will be essential in stopping the coronavirus spread, but warned it will be awhile before a useful one is available. Fauci added the U.S. could face more “suffering and death” if states start to reopen too quickly.

Data on Tuesday showed consumer prices dropped by the most on record in April as the economy reeled from restrictions imposed to contain the coronavirus.

House Democrats on Tuesday saw a $3 trillion-plus coronavirus relief package with funding for states, businesses, food support and families flatly rejected by Republican counterparts.

Producer price inflation data for April is due at 8:30 a.m. ET on Wednesday.

Auctions will be held Wednesday for $35 billion of 105-day Treasury bills, $40 billion of 154-day bills and $22 billion of 30-year bonds.

CNBC’s Maggie Fitzgerald and Yun Li contributed to this report.

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