President Donald Trump indicated he would not be able to sign the long-delayed coronavirus relief package after U.S. government debt prices were low on Wednesday.
Yields on the benchmark 10-year Treasury note reached 0.921%, while yields on 30-year Treasury bonds were slightly higher at 1.655%. Bond yields turn to low prices.
Trump poured cold water on the 900 900 billion Covid relief bill passed by Congress earlier this week on Tuesday. He called the move an “inappropriate” stigma and urged legislators to make a number of changes, including large direct payments to individuals and families.
The current package includes unemployment benefits, more small business loans, another $ 600 direct payments and funding to streamline the critical delivery of Covid-19 vaccines. However, Trump was unhappy with the direct payment of 600 dollars, asking him to raise it to $ 2,000.
Investors have also been reassured this week by the new coronavirus strain, first introduced by the UK, which is believed to be 70% more transmissible than previous strains.
In terms of economic data, durable goods, unemployment claims, personal income and expenses, new home sales, consumer sentiment and the FFFA House Price Index reports are due to be released on Wednesday.
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