10-Year Treasury Hits Record Low on Virus Fears

Jannie Delucca

Investors spooked by the coronavirus outbreak continued to flock to the safe haven of government debt on Friday, driving the yield on the 10-year Treasury note to record lows.

After sinking to an all-time low of 0.6572% early in the day, the yield on 10-year debt bounced back to around 0.74%. The 30-year rate, meanwhile, plunged as much as 34 basis points to 1.2036%.

As CNBC reports, “The plunge in yields came amid an exodus from stocks as disruptions to businesses around the world on the back of the coronavirus outbreak heighten fears of a global slowdown.”

Financial markets have continued to reel even though the U.S. Federal Reserve earlier his week cut interest rates by 50 basis points and Congress approved roughly $8 billion in emergency spending to combat the coronavirus.

“It’s a brave new world of 0-handles and we’ve now taken to referencing 10-year yields in basis point

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