Treasury yields climbed higher on Monday as investors assessed the possibility of economies around the world beginning to reopen after prolonged coronavirus shutdowns.
Treasurys
The yield on the benchmark 10-year Treasury note rose three basis points to 0.62% while the yield on the 30-year Treasury bond was up at 1.19%. Yields move inversely to prices.
A number of U.S. states, including Colorado, Mississippi, Minnesota, Montana and Tennessee, have vowed to ease restrictions this week on commerce brought about by the coronavirus pandemic.
Meanwhile in New York, communities in less populated areas could start to reopen gradually around mid-May, according to a plan set forth Sunday by Gov. Andrew Cuomo. With coronavirus cases on the decline after weeks of social distancing measures, Cuomo said a phased reopening can start happening shortly after May 15.
However, experts have warned against reopening economies without systematic diagnostic testing and contact tracing in place.
Meanwhile, White House advisor Kevin Hassett on Sunday told ABC that the historic economic hit from the lockdowns will likely increase the national unemployment rate to 16% or higher this month, necessitating more fiscal stimulus.
Auctions will be held Monday for $57 billion of 13-week Treasury bills, $48 billion of 26-week bills, $42 billion of 2-year notes and $43 billion of 5-year notes.
There are no major economic releases expected on Monday.