U.S. government debt prices were higher Wednesday morning as investors awaited the release of the latest Federal Reserve minutes, while monitoring developments on a new coronavirus relief bill in Washington.
The second coronavirus stimulus bill remains high on the agenda, with U.S. Treasury Secretary Steven Mnuchin on Tuesday criticizing Democratic counterparts for what he characterized as unwillingness to discuss a smaller agreement. However, Politico reported that House Speaker Nancy Pelosi has voiced the possibility of cutting some demands to secure a deal.
Tensions between the U.S. and China have continued to escalate in recent days, and President Donald Trump said on Tuesday that he had canceled further impending trade talks with Beijing over its response to the coronavirus pandemic, which has now infected more than 5.4 million Americans.notched an all-time high Tuesday, recovering from a deep downturn to surpass the levels seen before the Covid-19 crisis, even as 1,000 people continue to die in the U.S. every day from the virus.
The Federal Open Market Committee's last meeting minutes will be released at 2 p.m. ET on Wednesday, offering an insight into the central bank's deliberating process as it looks to shore up the economy in the wake of the pandemic. Auctions will be held Wednesday for $25 billion of 105-day Treasury bills, $30 billion of 154-day bills and $25 billion of 20-year bonds.
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