Treasury yields retreat as Fed's Powell stresses uncertainty and coronavirus cases surge

www.cnbc.com
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U.S. government debt prices were higher Tuesday morning after Federal Reserve Chairman Jerome Powell emphasized the prolonged uncertainty facing the U.S. economy, as coronavirus cases soar in numerous states.
At around 2:05 a.m. ET, the yield on the benchmark 10-year Treasury note was lower at 0.6283% and the yield on the 30-year Treasury bond was down at 1.3780%. Yields move inversely to prices.

In remarks prepared for a congressional hearing Tuesday, Powell said that despite a recent uptick in economic activity as lockdown measures are eased across the world's largest economy, the outlook is "extraordinarily uncertain" and will rely on both containing the virus and government support for the recovery.

Powell and Treasury Secretary Steven Mnuchin will testify before the House Financial Services Committee at 12:30 p.m. ET on Tuesday.

Meanwhile, coronavirus cases continue to surge around the country, forcing states including New Jersey, Arizona and Kansas to walk back plans to further ease lockdown measures. A Reuters tally showed that California…
Elliot Smith
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