U.S. Yields Hurtle Toward Zero With Thin Market Stunning Traders
- Yields on 10-year and 30-year debt tumble to fresh record lows
- Bond market move is ‘beyond belief,’ Mischler’s Farren says
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Treasury yields plummeted to record lows Friday as concern about the global economic and financial impact of the coronavirus spurred demand for havens, while questions swirled about liquidity in the world’s biggest debt market.
U.S. securities rallied and long-bond rates notched their biggest intraday drop since 2009 as government debt around the world racked up further historic milestones Friday. At the short-end of the American yield curve traders amped up bets on further central bank easing this month. Other refuge assets also advanced, with the yen climbing and bund yields diving to unprecedented negative levels. A stronger-than-expected U.S. jobs report failed to dent the pessimistic tone.