Treasury yields are flat as coronavirus outlook stabilizes

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was flat at 0.74%, while the yield on the 30-year Treasury bond was slightly lower at 1.38%.

States on the east and west coasts on Monday formed regional pacts in the hope of forging gradual economic reopenings, as the rate of coronavirus infections finally appeared to be slowing.

President Donald Trump said in a press conference Monday that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country.

New York Gov. Andrew Cuomo struck an optimistic tone about the outbreak in his state, the epicenter of the pandemic in the United States. He said Monday it appears that “the worst is over … if we continue to be smart going forward.” At least 10,000 people have died from the infection in the state.

Yields also received a boost to begin the week after OPEC and its oil-producing allies on Sunday agreed in a historic deal to cut production by 9.7 million barrels per day, following days of protracted negotiations in a bid to prop up falling prices.

Auctions will be held Tuesday for $65 billion of 43-day Treasury bills and $25 billion of 119-day bills.