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Treasuries in Biggest Rally Since Early Months of Covid Pandemic

  • Yield on 10-year note records biggest drop since March 2020
  • Moves amplified by liquidity, positioning for a hawkish shift

Photographer: Andrew Harrer/Bloomberg

Updated on

Concern about the latest Covid variant on Friday drove 10-year Treasury yields to their biggest one-day drop since the early months of the pandemic.

Investors dumped riskier assets and flocked to haven markets as they dialed back bets on the pace of central bank policy tightening. The rally in Treasuries pushed the yield on the benchmark 10-year note down 16 basis points to close around 1.47%, its largest single-session decline since March 2020.