U.S. Treasury yields ebbed lower on Tuesday morning, following prepared comments from Federal Reserve Chairman Jerome Powell for a congressional hearing, in which he warned the economic recovery was “far from complete.”
Powell and Treasury Secretary Janet Yellen are due to make their first joint appearance in front of the U.S. House Committee on Financial Services at 12 p.m. ET on Tuesday, to discuss their response to the coronavirus pandemic.
In prepared remarks, released Monday afternoon ahead of the congressional meeting, Powell said that the economic recovery from the pandemic had “progressed more quickly than generally expected and looks to be strengthening.”
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However, he said that the sectors of the economy hardest-hit by the pandemic “remain weak” and the unemployment rate “underestimates the shortfall,” so the recovery still had a long way to go.
Meanwhile, Fed Governor Lael Brainard is set to make a speech on the U.S. economic outlook and monetary policy at the National Association for Business Economics annual economic policy conference at 3:45 p.m. ET.
New homes sales data for February is due out at 10 a.m. ET.
Auctions are due to be held Tuesday for $34 billion of 52-week bills, $40 billion of 42-day bills and $60 billion of 2-year notes.
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