U.S. government debt prices were sharply lower Tuesday morning after the Federal Reserve announced that it will begin buying individual corporate bonds, while a report suggested that President Donald Trump's administration is preparing a $1 trillion infrastructure package.
Yields began their ascent on Monday night after the Fed said it would include the purchase of individual corporate bonds. The move broadens the central bank's secondary market corporate credit facility beyond the purchase of exchange-traded funds, as part of a continued effort to support financial market functioning and ease credit conditions.
across multiple states since economies began reopening, which had sent yields and stock markets tumbling at the start of the week. Fed Chairman Jerome Powell is due to testify before Congress on the central bank's monetary policy maneuvers at 10 a.m. ET. on Tuesday. Prior to that, May's retail sales data is due at 8:30 a.m. ET before industrial and manufacturing production figures at 9:15 a.m.
Auctions will be held Tuesday for $34 billion of 52-week Treasury bills, $40 billion of 119-day bills and $50 billion of 42-day bills.
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