ADVERTISEMENT
ADVERTISEMENT

10-year Treasury yield hits record low as coronavirus sends investors fleeing to safety

The 10-year Treasury note hit an intraday low Tuesday after bouncing near the threshold for months, The Wall Street Journal reported.

sad trader pout

The yield on the 10-year Treasury note hit a record intraday low Tuesday as coronavirus rocked risk markets and investors flooded into safe-havens.

The benchmark note hit a yield of 1.322%, The Wall Street Journal previously reported, citing Tradeweb data. The bond had traded near that threshold for months previously, slipping as low as 1.377% Monday. But a spike in coronavirus cases in Italy, South Korea, and Iran where the deputy health minister, Iraj Harirchi, himself contracted the virus pushed the note over the edge, The Journal reported.

The 10-year Treasury note is a key gauge markets turn to as a signal of how the US economy is doing. Yields, which move inversely to price, help to set borrowing costs on a range of other consumer, business, and municipal market products.

ADVERTISEMENT

Falling yields typically indicates a bearish view of future growth. Though new cases of coronavirus within China are on the decline, the spike in international cases has investors spooked because efforts to stem contagion could undermine business activity, The Journal reported.

Elsewhere in markets, signs of coronavirus stress were ubiquitous: The Dow was down over 500 points midday, a 1.86% decline, while the S&P 500 index fell 1.77%. Mortgage rates hit an eight-year low , dragged down by coronavirus fears, and oil tumbled.

See Also:

ADVERTISEMENT

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

Here are common things people rarely dream about

Here are common things people rarely dream about

ADVERTISEMENT
ADVERTISEMENT