U.S. government debt prices were lower Tuesday morning, as investors await testimony from Federal Reserve Chairman Jerome Powell.
Market focus is largely attuned to the potential economic fallout of China's fast-spreading coronavirus, as the death toll in the country climbed above 1,000.that a total of 42,638 cases had been confirmed, with 1,016 deaths.
The World Health Organization warned Monday that the spread of the deadly pneumonia-like virus among people who had not been to mainland China could be the "The WHO has said the coronavirus can spread via human-to-human contact, droplets carried through sneezing and coughing, and germs left on inanimate objects.Federal Reserve Chairman Jerome Powell will head to Capitol Hill to deliver his semi-annual remarks to the House on Tuesday.
Fed Vice Chair Randal Quarles, Minneapolis Fed President Neel Kashkari and Federal Reserve Bank of St. Louis President James Bullard are all set to comment at separate events on Tuesday. On the data front, the NFIB Small Business Optimism Index for January will be released at 6 a.m. ET, with the so-called JOLTS report for December set to follow at 10 a.m.
The U.S. Treasury is set to auction $30 billion in 56-day bills and $38 billion in three-year notes on Tuesday.
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