Treasury yields dipped on Tuesday as investors await economic data and monitor the rising news daily coronavirus cases in the U.S.
Treasury yields slipped on Tuesday, despite the announcement by Moderna on Monday that trial data showed its coronavirus vaccine was more than 94% effective in preventing Covid-19.
Pfizer and BioNTech announced a week earlier that their own vaccine was more than 90% effective against the coronavirus.
However, cases of the coronavirus in the U.S. have continued to surge, with more than 1 million confirmed in less than a week. This took the country’s total number of confirmed Covid-19 cases above 11 million, according to data compiled by Johns Hopkins University.
U.S. retail sales data for October, as well as figures for export and import prices are due out at 10:30 a.m. ET on Tuesday. Industrial production data is then expected at 11:15 a.m. ET, followed by business inventories figures and an update from the NAHB Housing Market index at 12 p.m. ET.
Raphael Bostic, president of the Atlanta Federal Reserve, will make a speech 3 p.m. and 4:35 p.m. ET on Tuesday. San Francisco Fed President Mary Daly is also due to speak twice on Tuesday, at 3:25 p.m. and 4:50 p.m. ET. New York Fed President John Williams will speak at 4 p.m. ET.
An update on U.S. net Treasury International Capital Flows is expected at 6 p.m. ET, along with foreign bond investment data and net long-term Treasury International Capital flows, followed by weekly API crude oil stock change data at 6:30 p.m. ET.
Auctions will be held Tuesday $30 billion worth of 119-day bills and $30 billion of 42-day bills.
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