U.S. government debt prices were slightly lower Wednesday morning after hopes of a fiscal injection to mitigate the economic impact of the coronavirus pandemic boosted stocks.

At around 2:45 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was fractionally higher at 1.0100%, while the yield on the 30-year Treasury bond was up at 1.6324%.

Wall Street surged Tuesday as the White House floated a fiscal stimulus package of more than $1 trillion, with Treasury Secretary Steven Mnuchin telling reporters that the Trump administration is considering sending checks directly to Americans in the next two weeks.

Meanwhile, the Federal Reserve announced a series of measures aimed at bolstering liquidity in Wall Street’s funding markets and improving investor sentiment amid the outbreak.

However, the rapid spread of the coronavirus continues to dominate market sentiment, with confirmed cases in the U.S. now at 6,496 with 114 deaths, according to Johns Hopkins University, and countries around the world locking down their borders.

Dow futures hit their “limit down” level in pre-market trade Wednesday, indicating another rocky day for risk assets.

On the data front, building permits and housing starts figures for February are due at 8:30 a.m. ET on Wednesday.

There are no Treasury auctions scheduled.

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