Bonds

Treasury yields hold steady as investors digest a spike in new coronavirus cases

Treasury yields were flat on Wednesday as investors assessed a record daily spike in coronavirus cases in the U.S.

The yield on the benchmark 10-year Treasury note was little changed at 0.653% and the yield on the 30-year Treasury bond was also flat at 1.386%. Yields move inversely to prices.

On Tuesday, long-maturity yields dropped on concerns over the coronavirus. The United States is grappling with a growing number of infections, having surpassed the 3 million threshold on Tuesday. In San Francisco, authorities decided to delay the reopening of indoor dining.

Speaking to CNBC, Nobel prize-winning economist Robert Shiller said he is worried about the long-lasting effects of the pandemic. "There might have to be closures again. It might have a worse psychological response the second time," he said in reference to a potential second wave.

Treasurys

The United States also announced Tuesday it is officially leaving the World Health Organization in 2021. President Trump has criticized the way the institution has dealt with the outbreak. The move brings uncertainty over the future of the WHO.

On the data front, there will be consumer credit numbers at 3 p.m. ET. Traders are also likely to monitor a speech by Atlanta Fed president Raphael Bostic at 12.15 p.m. ET.

The U.S. Treasury will auction $29 billion of 10-year notes on Wednesday.