Treasury yields climbed on Monday as the easing death toll in some of the world’s coronavirus hot spots over the weekend fueled optimism that the crisis in the U.S. will slow down soon.
New York State,the hardest hit region in the U.S. reported its first daily decline in coronavirus-related deaths on Sunday, according to Governor Andrew Cuomo. Meanwhile, a slowdown in death rates and new infections in Italy and Spain offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
Still, Surgeon General Jerome Adams on Sunday said that the U.S. faces its “hardest” week yet in terms of containing the coronavirus outbreak, which has now infected more than 337,000 people stateside, according to data from Johns Hopkins University.
Investors continue to grapple with the fallout from the coronavirus pandemic and rising tensions between Russia and Saudi Arabia over oil pricing. The meeting between OPEC and Russia was scheduled for Monday, but sources familiar with the matter told CNBC it will “likely” take place Thursday. The delay comes after Trump told CNBC last week he expected both countries to cut production by up to 15 million barrels.
On the data front, March consumer inflation expectation figures are due at 11 a.m. ET.
Auctions will be held Monday for $54 billion of 13-week Treasury bills, $45 billion of 26-week bills, $60 billion of 43-day bills and $40 billion of 3-year notes.