U.S. government debt prices were higher Tuesday morning, as investors awaited a batch of economic data and monitored Treasury auctions.
Market focus is largely attuned to global trade developments, after the world's two largest economiesThe U.S. imposed 15% tariffs on a variety of Chinese goods on Sunday, while China imposed new charges on U.S. products from September 1. It marked the latest escalation in their long-running trade war.
Washington and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment. On the data front, manufacturing PMI figures for August will be released at around 9:45 a.m. ET. The Institute for Supply Management's manufacturing index for August and construction spending data for July will be released slightly later in the session.
The U.S. Treasury is set to auction $45 billion in 13-week bills and $42 billion in 26-week bills on Tuesday.
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