U.S. government debt prices were higher Thursday morning after a resurgence in coronavirus cases across the country.
Hopes of a quick economic recovery from the coronavirus pandemic have been dampened by a surge in new cases across a number of states. California and Florida reported record daily spikes on Wednesday, while Houston said its intensive care unit is almost at capacity as the spread intensifies in Texas.ordered visitors from hotspot states to quarantine for 14 daysMore than 2.38 million coronavirus cases have been reported in the U.S.
and a warning about soaring debt levels. The IMF on Wednesday forecast a contraction of 4.9% in global gross domestic product in 2020, lower than the 3% fall it predicted in April. A growth rate of 5.4% is now expected in 2021, down from a forecast of 5.8% in April. A slew of economic data is expected at 8:30 a.m. ET, led by last week's jobless claims figures after the previous week saw 1.5 million Americans filed for unemployment.
The final first-quarter GDP growth figure is due at the same time, along with May's durable goods orders, first-quarter GDP price index and corporate profit figures and first-quarter PCE price index readings. Auctions will be held Thursday for $50 billion of 4-week Treasury bills and $50 billion of 8-week bills, along with $41 billion of 7-year notes.
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