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Traders Flee From Treasuries in One of Biggest 2020 Yield Spikes

  • Comes amid sign of progress on economic stimulus in Washington
  • Investors shifted into stocks, which also depressed the dollar
Updated on

Investors dumped Treasuries amid a glimmer of hope that the U.S. Congress will reach an economic-stimulus compromise, driving one of the year’s biggest increases in long-term yields.

Bonds sank as investors shifted to riskier assets like stocks, encouraged by the prospect that help is coming for the U.S. economy. Rates on 30-year Treasuries spiked as high as 1.683% on Tuesday, rising 10 basis points. Yields on 10-year notes jumped to 0.94%, the highest since Nov. 12.