U.S. government debt prices prices were lower Monday morning as investors awaited direction following two consecutive months of stock market gains.
With a new month beginning on Wall Street, investors are broadly monitoring the reopening of the economy following months of coronavirus-induced lockdown measures. However, many businesses are now also navigatingtriggered by the killing of a black man, George Floyd in Minneapolis.
Market focus is also attuned to rising tensions between the U.S. and China. President Donald Trump on Friday announced thatwould be revoked following China's passage of a national security bill increasing Beijing's power over the city. Yields had plunged ahead of the press conference, but Wall Street breathed a sigh of relief when Trump did not announce that the U.S. would be pulling out of the "phase one" U.S.-China trade deal signed in January.
On the data front, the final IHS Markit PMI reading for May is expected at 9:45 a.m. on Monday, before May's ISM manufacturing data and April's construction spending figures at 10 a.m. Auctions will be held Monday for $63 billion of 13-week Treasury bills and $54 billion of 26-week bills.
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