U.S. government debt prices fell on Tuesday as investors assessed the chances of an economic recovery amid a higher reading in manufacturing activity in the United States. Nonetheless, investors are also monitoring coronavirus infection rates.

White House health advisor Dr. Anthony Fauci warned Tuesday that certain areas in the country are facing a “disturbing surge” of Covid-19 cases.

On the data front, house price index figures are due at 9 a.m. ET. The International Monetary Fund (IMF) is also releasing its latest economic forecasts at the same time.

The IMF said earlier this month that it is set to downgrade forecasts, while warning that the Covid-19 crisis is “unlike anything the world has seen.”

Bond traders are also likely to monitor speeches from Chicago Fed President Charles Evans and St. Louis Fed President James Bullard.

Auctions will be held Wednesday for $20 billion of 2-year floating-rate notes and $47 billion of 5-year notes.

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