Following remarks prepared by Federal Reserve Chairman Jerome Powell for a congressional hearing, U.S. Treasury revenues fell, in which he warned that economic reform was “far from complete.”
Yields on the benchmark 10-year Treasury note fell 1.645% at 5:30 p.m. Yields on 30-year Treasury bonds are down 2.346%. Yield moves upwards.
Powell and Treasury Secretary Janet Yellen will arrive in the U.S. on Tuesday at 12 p.m. U.S. Financial Services He is scheduled to make his first joint presentation to the House Committee to discuss his response to the coronavirus epidemic.
In a prepared remark issued Monday afternoon ahead of the congressional meeting, Powell said economic recovery from the epidemic “progressed faster than expected in general and appears to be strengthening.”
However, he said sectors of the economy most affected by the epidemic remain “weak” and the unemployment rate “underestimates the deficit”, so recovery is still a long way off.
Meanwhile, Fed Governor Lyle Bernard at noon: 45 :. The National Association for Business Economics is set to address the annual Economic Policy Conference of the U.S. on the U.S. economic outlook and monetary policy.
New home sales data for the month of February at 10 a.m. and ET.
The auction is set to take place on Tuesday for the ૨ 1 billion bill, ૨ 42 billion, 422 billion 427 day bills and ૦ 0 billion 2-year notes.
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