U.S. government debt prices were lower Monday morning ahead of President Trump's new budget proposal.
is due to present a new financial plan Monday. He is expected to cut foreign aid and reduce social safety-net programs for the fiscal year of 2021, provided that he is re-elected later this year.In the meantime, traders continue to monitor the outbreak of the coronavirus. The death toll from the outbreak has reached 908 in mainland China and the total number of confirmed infections has hit 40,171 across the country.
Businesses are still being affected by the outbreak though China has lifted some of the restrictions on work and travel. Airbnb, for example, has suspended bookings for all listings in Beijing until February 29. Chinese authorities lifted some coronavirus-related restrictions on work and travel, helping businesses resume work though overall sentiment was still jittery as the death toll from the epidemic climbedOn the data front, there are no significant data releases. Nonetheless, bond traders will be monitoring Fed Governor Michelle Bowman speech at 8:15 a.m. ET and Philadelphia Fed President Patrick Harker address at 3:15 p.m. ET.
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