U.S. government debt prices were lower Tuesday morning, following a rally for fixed income assets amid intensifying concerns over the Chinese coronavirus.

At 2 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.6149%, while the yield on the 30-year Treasury bond was also higher at around 2.0621%.

Chinese authorities confirmed Tuesday that were now more than 4,500 confirmed cases of coronavirus, with 106 deaths.

Multiple cases of the deadly pneumonia-like virus have been confirmed in Thailand, Vietnam, South Korea, Malaysia, Japan, Australia, France and the United States. Germany, Cambodia and Sri Lanka all reportedly confirmed their first cases of the virus on Monday.

The rapid outbreak of the coronavirus spooked financial markets in the previous session, with stock markets around the world sharply lower.

Fed meeting, auctions

Investors are likely to closely monitor the Federal Reserve‘s first meeting of the year on Tuesday, with the U.S. central bank’s two-day meeting widely expected to keep interest rates unchanged.

The Federal Open Market Committee (FOMC) held the target range for the federal funds rate at 1.5-1.75% in December, following three consecutive rate cuts.

On the data front, durable goods for December will be released at 8:30 a.m. ET. S&P/Case-Shiller home prices for November, consumer confidence for January, Dallas Fed services for January and the latest Richmond Fed survey will all follow slightly later in the session.

The U.S. Treasury is set to auction $26 billion in 52-week bills, $32 billion in seven-year notes and $20 billion in two-year floating-rate notes (FRNs).

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