US government debt prices fell early Tuesday morning, with market participants closely monitoring a Senate vote on increasing economic relief from the coronavirus pandemic.
At around 5:40 am ET, the yield on the 10-year reference Treasury bill was greater than 0.9431%, while the yield on 30-year Treasury bills was also greater than 1.6844%. Yields move inversely to prices.
This comes shortly after President Donald Trump signed a $ 900 billion Covid-19 relief bill on Sunday, preventing government shutdown and extending unemployment benefits to millions of Americans.
Trump initially suggested that he would veto the bill, which would see $ 2,000 in Covid-19 relief checks given to Americans with a certain income level.
The Chamber of Deputies on Monday approved a measure to increase economic relief by sending the bill to the Senate, where its future is less certain.
Regarding the data, the numbers for the S&P CoreLogic Case-Shiller US National Home Price Index will be released around 9:00 am ET. Data from the Dallas Fed services will follow a little later in the session.
The US Treasury will auction $ 59 billion in 7-year notes, $ 34 billion in 52-week notes, $ 30 billion in 119-day notes and $ 30 billion in 42-day notes.